FG Nexus Converts $200M Private Placement Into 47,331 ETH Reserve
The firm will pursue staking plus DeFi yield through Anchorage Digital custody to underpin its aim of securing a roughly 10% network stake
Overview
- FG Nexus deployed proceeds from a recent $200 million private placement to acquire 47,331 ETH at about $4,228 per token
- The company updated its Nasdaq ticker to FGNX and placed its ETH holdings in secure custody with Anchorage Digital
- It intends to generate “ETH Yield” by engaging in staking, restaking and accessing decentralized finance opportunities
- FG Nexus filed a shelf registration on August 8 to raise up to $5 billion via equity and debt offerings in support of further ETH accumulation
- The firm has set an aspirational target of building a roughly 10% stake in the Ethereum network, a goal requiring substantial additional capital