Fundamental Global Inc., doing business as FG Nexus, has launched an initiative to acquire and hold large amounts of ether, aiming to become one of the largest corporate holders of the cryptocurrency. The Charlotte-based company said Monday it began its acquisition on July 30 with a purchase of 6,400 ether, matching the amount mined in Ethereum’s first block in 2015.
As of Aug. 10, FG Nexus reported holdings of 47,331 ether valued at $4,228.40 per token, according to Bloomberg pricing. The company funded the purchases via full proceeds from a previously announced $200 million private placement, the company stated in a press release.
Strategy to Focus on ETH Yield
FG Nexus said its primary performance metric will be “ETH Yield,” defined as ether held per share. The company plans to stake and restake its ether holdings to generate returns and participate in Ethereum-based financial activities, such as tokenized real-world assets and stablecoin yield.
The company described its approach as building a long-term reserve of ether while seeking to generate ongoing returns for shareholders. No timeline was provided for achieving its accumulation goals, but executives have stated that they aim to eventually hold 10% of the total ether supply in circulation.
Partnerships for Custody and Management
FG Nexus is working with Anchorage Digital for custody and trade execution of its ether. Anchorage Digital, a federally chartered digital asset bank, provides secure storage for cryptocurrency holdings.
The company has also partnered with Galaxy, a digital asset and investment management firm, to serve as its asset manager. Steve Kurz, Galaxy’s global head of asset management, said the arrangement provides investors with structured exposure to ether within a managed framework.
FG Nexus leaders cited Ethereum’s growing role in global finance as a reason for the move, noting its use in decentralized finance applications and digital asset settlement systems. The company did not disclose further acquisition plans or whether it will diversify into other digital assets.
