Fundamental Global Goes All-In on Ethereum with a $200 Million War Chest
Fundamental Global Inc. (FGF, FGFPP) announced that it has priced a $200 million private placement through the sale of 40 million prefunded common stock warrants at $5.00 per warrant. The company plans to use the proceeds to purchase Ethereum as its primary treasury reserve asset.
The private placement attracted several strategic investors, including Galaxy Digital (GLXY), Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group, and Kenetic. Galaxy Digital will serve as a strategic advisor, managing the company’s Ethereum treasury and providing asset management and infrastructure support.
As part of this transformation, Fundamental Global will rebrand itself as FG Nexus Inc., with new ticker symbols FGNX and FGNXP expected to launch shortly. The offering is scheduled to close on or about August 1, 2025.
The company has appointed Maja Vujinovic as CEO of Digital Assets. Vujinovic previously served as CIO of Emerging Technologies at General Electric, where she launched institutional blockchain finance transactions in 2015. Theodore Rosenthal will serve as President of Digital Assets, while Jose Vargas will take on the role of Head of Business Development.
Joe Moglia, former Chairman and CEO of TD Ameritrade, will serve as the company’s Executive Advisor. “Ethereum is the foundation layer for the next generation of financial services,” Moglia stated in the announcement.
The company will establish FG CVR Trust, a Delaware Statutory Trust, to hold its legacy non-core assets. Common shareholders of record as of August 8, 2025, will receive non-transferable Contingent Value Rights (CVRs) linked to the monetization of these legacy positions.
ThinkEquity acted as the placement agent for this transaction. These securities were sold in a private placement under exemptions from the Securities Act registration requirements.
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