Nasdaq-listed Elementary World (FGF) is rebranding to FG Nexus and getting into the digital asset house with a $200 million non-public placement to launch an ether-based treasury technique, the corporate stated in a press release Wednesday
The providing, composed of 40 million prefunded warrants priced at $5, was backed by a slate of high-profile strategic traders, together with Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Foreign money Group, and Kenetic, the corporate stated.
Galaxy will function a strategic advisor, managing treasury and staking infrastructure, whereas Kraken will help staking operations.
The corporate plans to make use of the proceeds to build up ether (ETH) as its main reserve asset, producing staking rewards and enabling publicity to tokenized real-world belongings.
FG Nexus is among the many rising record of institutional gamers betting on Ethereum because the settlement layer of the longer term. Different public firms comparable to SharpLink Gaming (SBET), BitMine Immersion (BMNR), and Bit Digital (BTBT) have all just lately introduced ether treasury methods.
FG Nexus management contains Joe Moglia, former TD Ameritrade CEO and Elementary World co-founder, who joins as government advisor. The digital asset technique will likely be led by early blockchain pioneer Maja Vujinovic.
New ticker symbols FGNX and FGNXP are anticipated to go stay following the closing of the providing on or round August 1.
Singapore-based mining {hardware} maker Canaan (CAN) additionally introduced a brand new treasury technique that designated bitcoin {BTC} as its main long-term reserve asset, the company said on Wednesday.
Whereas bitcoin will stay the centerpiece, Canaan’s coverage permits for the occasional acquisition of different crypto belongings, together with ether and Genius Act–compliant U.S. greenback stablecoins.
Bitcoin amassed by means of regular enterprise actions, together with self-mining and the sale of mining gear, will likely be retained on a long-term foundation, the Nasdaq-listed firm stated.
Learn extra: Ether Treasury Companies to Eventually Own 10% of Supply: Standard Chartered