Fundamental Global (FG), which trades on Nasdaq, has submitted plans to U.S. regulators to raise up to $5 billion to build a treasury focused on Ethereum.
The Charlotte-based investment holding company submitted a Form S-3 on August 7, 2025, which allows it to offer various securities over time, including common and preferred stock, warrants, and debt. While no specific timeline has been set, the company said it would issue shares in phases, adjusting based on market conditions.
A large portion of the capital will be used to purchase Ether, according to the U.S. Securities and Exchange Commission (SEC) filing. The rest will go toward general business operations. Fundamental Global also disclosed an at-the-market (ATM) agreement with ThinkEquity, allowing it to sell up to $4 billion in common stock gradually.
The move follows a $200 million private placement announced in late July, which the company said would be used to acquire ETH, stake assets, and participate in decentralized finance. Fundamental Global is also in the process of rebranding to FG Nexus Inc., with a proposed ticker change to FGNX and FGNXP.
FG’s CEO Kyle Cerminara said the firm is aiming to build a position equivalent to 10% of the Ethereum network, signaling one of the most ambitious ETH treasury strategies by a public company to date.
The filing comes amid a wave of Ethereum-focused treasury activity. SharpLink Gaming, which trades on Nasdaq, also filed to raise $6 billion last month, an increase from a previous $1 billion registration. It separately announced a $200 million ATM offering priced at $19.50 per share. Other players include BitMine and Bit Digital, which have been steadily building ETH reserves.
Fundamental Global’s entry further signals rising institutional interest in direct ETH exposure. If the full $5 billion is deployed, it would make the company one of the largest public holders of Ether, rivaling or surpassing current leaders in the space.
The firm’s shares rose 3.7% in after-hours trading on Thursday. Ethereum gained 7% in the same period.
Also Read: Vitalik Buterin Warns: ETH Treasuries Could Backfire with Leverage
