FG Nexus increases focus on Ethereum, targeting 10% of total supply – Stocktwits

FG Nexus has recently made a bold move by diving headfirst into Ethereum (ETH) with the intention of acquiring 10% of the total supply of the cryptocurrency. This ambitious goal would position the company ahead of Bitmine Immersion Technologies, which is aiming to secure 5% of Ethereum’s total supply.

On Monday, FG Nexus announced its initial purchase of 47,331 ETH tokens, valued at approximately $200 million, signaling the start of its aggressive foray into Ethereum. The company’s stock experienced a significant surge of over 10% following this announcement, indicating positive market sentiment towards its strategic move.

Currently, Bitmine Immersion Technologies holds the title of the largest corporate holder of Ethereum, with possession of 1.15 million tokens. Earlier on the same day, Bitmine Immersion Technologies declared its latest acquisition of 317,000 tokens, contributing to a rise of more than 12% in its stock price as the markets opened. Retail investor sentiment on Stocktwits also showed a notable increase, with discussions leaning towards ‘extremely bullish’ territory, accompanied by high levels of engagement.

FG Nexus detailed its intention to amass a substantial amount of Ethereum through a $5 billion shelf registration filing with the SEC, underscoring its commitment to its ETH acquisition strategy. The company initiated its accumulation of ETH on July 30, symbolically marking the 10th anniversary of Ethereum’s genesis block with the purchase of 6,400 ETH. All proceeds from its recent $200 million private placement have been allocated towards acquiring Ethereum tokens, reflecting its dedication to building a significant stake in the network.

Maja Vujinovic, CEO of Digital Assets at FG Nexus, emphasized the company’s objective of becoming a key player in the Ethereum ecosystem by targeting a 10% stake. CEO and Chairman Kyle Cerminara highlighted the company’s plans to leverage its expertise in digital assets and financial services to differentiate itself in the competitive market. The escalating competition between FG Nexus and Bitmine Immersion Technologies coincides with Ethereum’s price trajectory towards a potential all-time high, having reached $4,300 over the weekend before slightly retracting to trade above $4,200.

FG Nexus’ strategic maneuver into Ethereum underscores its ambitious vision to solidify its presence in the cryptocurrency landscape. By prioritizing the accumulation of Ethereum tokens and focusing on generating ETH yield as a core metric for shareholders, the company is poised to make a significant impact on the market. As the race for Ethereum dominance intensifies, the industry will be closely monitoring the progress of FG Nexus and Bitmine Immersion Technologies in their pursuit of securing a substantial share of Ethereum’s total supply.