The Basic Global (FGF) registered with NASDAQ will rebrand FG Nexus and enter the digital asset space with a $200 million private placement to launch an ether-based financial strategy.
The offer, which consists of 40 million supply warrants at a price of $5, is backed by the slate of high-profile strategic investors including Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group and Kenetic.
Galaxy serves as a strategic advisor, manages the Treasury Department, staking infrastructure, and Kraken supports staking operations.
The company plans to use its revenue to accumulate ether (ETH) as its main reserve asset, generating staking rewards and allowing exposure to tokenized real-world assets.
FG Nexus is one of the growth lists of players at institutions betting on Ethereum as the future payments tier. Other public companies such as Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT) have announced all of their recently announced Ether Treasury Strategies.
FG Nexus’ leadership includes Joe Moglia, a basic global co-founder who is former TD Ameritrade CEO and executive advisor. The digital asset strategy will be led by early blockchain pioneer Maja Vujinovic.
The new ticker symbols FGNX and FGNXP are expected to be released on or around August 1st after the offering ends.
Canaan (CAN), a Singapore-based mining hardware manufacturer, has also announced a new financial strategy that has designated Bitcoin {BTC} as its main long-term reserve asset, the company said Wednesday.
Bitcoin continues to be central, but Canaan’s policy allows for the occasional acquisition of other crypto assets, such as Ether and the US dollar Stablecoins of the Genius Act -Compliant.
According to the company listed on the NASDAQ, Bitcoin accumulated through regular business activities, including self-mining and selling mining equipment, will be held for the long term.
Read more: Ether Treasury Companies, which ultimately owns 10% of supply: Standard Chartered
