FG Nexus Adds 50,000 Ethereum to Corporate Treasury
FG Nexus has acquired 50,000 Ethereum (ETH) for its corporate treasury. The holdings are now worth $210.1 million. This follows a strategic shift announced in August. The company revealed the update on Tuesday. Its stock (FGNX) rose 4.5% in pre-market trading. The average purchase price was about $3,860 per ETH.
FG Nexus Competes with Bitmine Immersion Technologies
FG Nexus is gaining ground in the corporate Ethereum treasury race. However, it still trails Bitmine Immersion Technologies (BMNR). Bitmine holds over 2.4 million ETH, about 2% of the circulating supply. FG Nexus aims for a 10% stake in Ethereum. Last week, it added 285 ETH, buying at around $4,200 each.
Stock Performance and Market Sentiment
Despite recent gains, FGNX shares are down 68% this year. They have fallen 71% over the past 12 months. Retail investor sentiment seems to be improving. Bitmine, led by Tom Lee, also saw a 2% pre-market gain. Bitmine’s Ethereum accumulation strategy continues to attract attention. The competition for ETH dominance among public firms remains strong.
