According to BlockBeats, on August 8, the U.S. publicly listed company Fundamental Global Inc. stated in its latest S-3 filing submitted to the SEC that it plans to issue securities not exceeding $5 billion on an irregular basis, with specific issuance amounts, prices, and terms to be determined at the time of each issuance. The company plans to use the majority of the net proceeds from this issuance of common stock to acquire Ethereum (ETH), while the remaining funds will be used for working capital needs, general corporate purposes, and operating expenses.
The company stated that it plans to use ETH as a long-term reserve asset, aiming to accumulate and increase its overall ETH holdings, significantly boosting the per-share ordinary stock ETH holdings through a professional reserve strategy. The reserve strategy will focus on increasing the amount of ETH through capital raising activities and reserve activities including staking, restaking, liquid staking, and other decentralized finance activities. ETH is expected to become a major reserve asset in the future, focusing on maximizing ETH accumulation and value appreciation while maintaining strict control and oversight of these digital assets.
Fundamental Global Inc. is a holding company registered in Nevada. Currently, the company's common stock and Series A preferred stock are listed on NASDAQ under the ticker symbols 'FGF' and 'FGFPP', respectively. The company currently operates through the following business segments: digital assets, commercial banking, reinsurance, and management services.
It is noteworthy that the company's current market capitalization is only $46.02 million, and it had previously announced at the end of July that it would sell 40 million shares of common stock at a price of $5 per share, with total proceeds of $200 million to initiate an Ethereum treasury strategy. Participants include Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group (DCG), and Kenetic.
