The actions of Global Fundamental today plunged on the NASDAQ after the company announced a major strategic change towards the ether (ETH) as the active principal of the treasury. The company revealed plans to allocate $ 200 million to ETH, funded by a private investment of 40 million ordinary action mandates at a price of $ 5 each.
This decision is aligned with the fundamental world with other companies that build treasury bills. According to an announcement, the company aims to offer “multiple value engines beyond the assessment of the prices of the ETH”, in particular awards for staking and an exhibition to the real assets token.
Strategic investors who support the pivot include Galaxy Digital, which will manage the company’s Treasury; Kraken, who will help the operations of stale and cash; and the capital of Hivemind. As part of the pivot, Fundamental Global changes its name to “FG Nexus”.
Despite the very publicized support, the markets reacted negatively to the announcement, the shares slid 13.7% over the day, according to Google Finance.
The company joins an increasing list of companies adopting Ether cash strategies, following the paved path by the first adopters of Bitcoin (BTC). According to Standard Charted, cryptographic treasure companies have bought 1% of all ETH circulating since early June, a figure that banking projects could reach 10%.
Bitmin Immersion Technologies, a Bitcoin extraction company, is currently Ether’s largest business holder, revealing on Monday that it holds 625,000 ETH worth around 2.35 billion dollars. Sharplink, a company listed at Nasdaq, is the second known holder. Between July 21 and 27, he accumulated $ 290 million ETH at an average price of $ 3,756 per token.
In relation: Ethereum at 10: The best ETH holders as Wall Street Eyes Crypto
Ether Machine makes an ethn purchase of $ 56.9 million on Ethereum Anniversaire
Ether Machine, a company focused on the supply of institutional exposure to Ethereum infrastructure and return strategies, also revealed a major ETH purchase on Wednesday. The company announced that it had acquired nearly 15,000 ETH for a total of $ 56.9 million.
“With the regulatory clarity that we have just started to obtain from DC, the major institutions are finally able to build ready-to-production systems on Ethereum and all the use cases which we have discussed for most of a decade can finally become a reality,” said the co-founder and CEO of Ether Machine, David Merin, Cointelegraph. “I have never been so optimistic about the medium -term prospects of Ethereum.”
The ads of the company coincides with 10th anniversary of Ethereum on Wednesday.
Review: Tradfi built Ethereum L2S for Tokensize thousands of rwas Billions – Inner history