FG Nexus Goes All-In On Ethereum, Aims For 10% Of Total Supply
Synopsis
Accumulating 10% of Ethereum’s total supply would put its treasury ahead of BitMine Immersion, which has a goal of buying up 5% of Ethereum’s total supply.
FG Nexus (FGNX) kicked off its aggressive push into Ethereum (ETH) on Monday, announcing its first ETH purchase of 47,331 tokens, worth roughly $200 million.
It also announced plans to become the top corporate holder of the second-largest cryptocurrency by accumulating 10% of Ether’s total supply, putting the company head-to-head against Bitmine Immersion (BMNR), which aims to secure 5% of Ethereum’s supply for its own treasury plans.
This comes after the company announced plans to set up a $5 billion shelf registration in a filing with the SEC on Friday to support its ETH acquisition strategy. It started to accumulate the cryptocurrency on July 30 with a symbolic 6,400 ETH purchase, marking the 10th anniversary of Ethereum’s genesis block.
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