BofA update shows where active managers are putting money
Fundamental Global Inc. (FGF, FGFPP) announced it has priced a $200 million private placement through the sale of 40 million prefunded common stock warrants at $5.00 per warrant. The company plans to use proceeds to purchase Ethereum as its primary treasury reserve asset.
The private placement attracted strategic investors including Galaxy Digital (GLXY), Kraken, Hivemind Capital, Syncracy Capital, Digital Currency Group, and Kenetic. Galaxy Digital will serve as a strategic advisor, managing the company’s Ethereum treasury and providing asset management and infrastructure support.
As part of the transformation, Fundamental Global will rebrand as FG Nexus Inc., with new ticker symbols FGNX and FGNXP expected to launch shortly. The offering is scheduled to close on or about August 1, 2025.
The company appointed Maja Vujinovic as CEO of Digital Assets. Vujinovic previously served as CIO of Emerging Technologies at General Electric, where she launched institutional blockchain finance transactions in 2015. Theodore Rosenthal will serve as President of Digital Assets, while Jose Vargas takes the role of Head of Business Development.
Joe Moglia, former Chairman and CEO of TD Ameritrade, will serve as Executive Advisor to the company. "Ethereum is the foundation layer for the next generation of financial services," Moglia stated in the announcement.
The company will establish FG CVR Trust, a Delaware Statutory Trust, to hold legacy non-core assets. Common shareholders of record as of August 8, 2025, will receive non-transferable Contingent Value Rights linked to monetization of these legacy positions.
ThinkEquity acted as placement agent for the transaction. The securities were sold in a private placement under exemptions from Securities Act registration requirements.