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Ethereum’s growing appeal among institutional players has taken another leap forward as Fundamental Global Inc. (FGF), a Nasdaq-listed company specializing in reinsurance, merchant banking, and asset management, revealed an ambitious $5 billion cryptocurrency strategy in a recent SEC filing. The plan marks a major pivot toward Ethereum investments, signaling increased confidence in the asset’s long-term potential.
The announcement immediately impacted market sentiment. While FGF shares closed the regular session on August 7 at $36.17, down 1.44% for the day, they surged 3.76% after-hours to $37.53 following the news. Investors reacted to the aggressive treasury allocation plan, which positions the company alongside other forward-looking firms adopting Ethereum as part of their corporate reserves.
FGF’s move mirrors the Ethereum Treasury strategy trend recently embraced by Sharplink Gaming, underscoring a growing corporate shift toward integrating ETH into long-term capital strategies. This wave of institutional adoption not only strengthens Ethereum’s position in the crypto market but also reinforces its narrative as a store of value and strategic asset in the evolving financial landscape.
Fundamental Global has made a landmark move into the cryptocurrency sector, filing an S-3 form with the US Securities and Exchange Commission (SEC) to offer up to $5 billion in securities. According to the filing, the majority of proceeds will be directed toward acquiring Ethereum, while the remainder will cover corporate and operational needs. This represents a major strategic shift for a publicly traded company historically outside the crypto space.
In the filing, FGF outlined its new approach: “We recently initiated an Ethereum (ETH) treasury strategy. ETH is the native token of the Ethereum network. Ethereum is the foundation of digital finance and the settlement layer for the majority of stablecoins, Decentralized Finance (DeFi), and tokenized assets.”
FGF further emphasized its intention to accumulate ETH as a long-term treasury asset, with the goal of growing its overall position and increasing ETH per common share through professional treasury management. The strategy will leverage capital raising activities alongside advanced blockchain-based tools such as staking, restaking, liquid staking, and other DeFi protocols to maximize returns and asset growth.
By positioning ETH as its primary treasury reserve asset, FGF joins a growing list of companies—like Sharplink Gaming—that are embedding Ethereum into their corporate balance sheets. This approach not only diversifies reserves but also aligns the company with one of the fastest-growing sectors in digital finance.
FGF’s commitment reflects a broader institutional recognition of Ethereum’s role as a core blockchain infrastructure asset. As more firms adopt similar treasury strategies, the demand for ETH could see sustained upward pressure, reinforcing its position as a strategic, yield-generating, and value-accreting asset in the corporate treasury landscape.
Ethereum (ETH) is showing renewed bullish momentum, as seen in the 4-hour chart, after reclaiming the critical $3,860 resistance level. The breakout came with strong buying volume, pushing prices toward the $3,900 zone. This move follows a sharp recovery from the $3,350 local low earlier in the week, with ETH now trading above its 50-day (blue), 100-day (green), and 200-day (red) moving averages — a structurally bullish setup.
However, the $3,900–$3,920 range is emerging as short-term resistance, where sellers have started taking profits. A decisive close above this level could open the door for a retest of the psychological $4,000 mark, last seen in mid-July. On the downside, immediate support lies at $3,860 — the previous resistance now flipped into a potential demand zone. If this level fails, ETH could revisit the $3,700 region, aligning with the 100-day MA for additional technical confluence.
Volume patterns indicate that buyers remain in control, but the market may need consolidation before another leg up. As long as ETH holds above $3,860, the broader trend favors continuation to the upside, especially with institutional interest — such as Fundamental Global’s $5B Ethereum treasury plan — reinforcing the bullish narrative. A break below $3,860 would weaken this outlook in the short term.
Featured image from Dall-E, chart from TradingView
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Despite challenging market conditions, BitGo secures massive funding as it successfully navigates through the uncertainties in crypto regulations.
On Wednesday, August 16, crypto custodian BitGo announced its plans to raise $100 million at a staggering valuation of $1.75 billion. The company said that it will use these funds for strategic acquisitions as well as to expand its secure and regulated wallet, custody, and other solutions.
BitGo has secured $100M Series C funding.
Trust is not given, it is earned. We believe in delivering it to our clients and the industry. Being a custodial and infrastructure leader is an undertaking, one we have consistently provided for over a decade.
This funding will allow… pic.twitter.com/TlPO7722Ha
— BitGo (@BitGo) August 16, 2023
From January 2023 onwards, BitGo has experienced a 60% surge in newly registered clients and a 20% growth in Assets Under Custody (AUC). Besides, it has also registered a remarkable 200% rise in fiat custody, and an extraordinary 40-fold expansion in staked assets. Notably, BitGo also handles custody services for FTX creditors’ funds under the leadership of John Ray III. Previously, it was serving as the distributor for Mt. Gox creditors as well.
Mike Belshe, the Chief Executive Officer, recognized that the current market is undoubtedly challenging. However, he pointed out that the company’s emphasis on obtaining licenses and adhering to regulations has distinguished it in the midst of a legal environment characterized by uncertainties regarding the classification of digital assets as securities. “Regulatory safety is a top concern for everyone at the moment,” Belshe stated. Speaking further on the matter, Belshe added:
“Not only are we seeing growing demand for regulated custody solutions in the US, but we’re also seeing the demand on a global scale. We are very pleased to announce our $100M Series C for the purpose of meeting this growing need and to provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem.”
The company, headquartered in Palo Alto, California, secured the funding exclusively from fresh investors, as stated by Belshe. While he refrained from revealing the participants in the round, he did mention that they hailed from both the US and Asia, and some were not from the cryptocurrency sector. Among BitGo’s earlier investors were Goldman Sachs Group Inc., DRW Holdings, and Galaxy Digital Ventures.
The startup’s current valuation significantly exceeds its value in 2021, a period during which Galaxy Digital Holdings intended to acquire the company for $1.2 billion. However, this deal was eventually abandoned.
BitGo’s previous fundraising was in 2017, during which it obtained a Series B funding of $42.5 million. This round was spearheaded by Valor Equity Partners and saw involvement from individuals like former PayPal COO David Sacks, former Remarq CEO Bill Lee, and the trading firm DRW. Notably, the list of earlier investors in the crypto custodian encompasses names like Goldman Sachs, Craft Ventures, and Pantera Capital.
Recently, crypto custodian BitGo decided to cancel the acquisition of Prime Trust, just after a few days of its preliminary agreement.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
FTX crypto exchange became one of the most valuable private crypto firms after their latest funding round. The popular crypto exchange raised $420.69 million in its latest funding round with investment from 69 investors. The latest funding round comes just months after it closed the largest funding round in crypto history with $900 million in Series B. Thus, making the latest fundraise the second largest outside ICOs.
The crypto exchange claimed the latest funding would be utilized towards various new products development and company acquisitions. The private funding round saw participation from the likes of Tiger Global, Ribbit Capital, Lightspeed Ventures, Sequoia Capital, Sea Capital, and in total 69 investors.
Starting out as a popular crypto derivative platform, FTX has come a long way in a very short span of time. FTX CEO Sam Bankman-Fried who remains the majority holder in the exchange that also made him one of the youngest billionaires said that the latest investment round was dominated by the interest of investors in the recent growth of the crypto platform.
FTX is expanding its business portfolio with the launch of a dedicated NFT platform and continues to string partnerships with mainstream sports leagues and players. With the latest injections of fresh funds, the crypto platform would focus on acquisitions as a way of expansion. Bankman said the firm is planning on three to five acquisitions in near future.
“I would probably guess there will be another three or so,” Bankman-Fried said. “Maybe two small ones … three moderate to big ones.”
The CEO also revealed plans of releasing a crypto exchange-traded fund which seems to have become a talking point in recent days. Bankman revealed that FTX is looking into ETF as a product in association with Blackrock.
“Whether it is a spot or futures based ETF, we’d be willing to talk about structured products with partners like BlackRock.”
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Bitcoin infrastructure firm Blockstream has closed a $210 million Series B funding round to enter the aggressively growing crypto unicorn club. Blockstream’s valuation grew to $3.2 billion. The funding round saw participation from iFinex, the parent company of Tether and Bitfinex along with Scotland-based investment firm Baillie Gifford.
The Bitcoin infrastructure provider aims to expand its ASIC mining infrastructure and build new products for the crypto market using the newly raised capital. The latest funding round also comes along with the acquisition of Israeli Bitcoin mining hardware manufacturer Spondoolies. The firm would join Blockstream in developing its ASIC mining arm.
Blockstream CSO Samson Now said the company is working towards the next leg of expansion which will include Bitcoin mining products and financial solutions. He explained,
“we’re kind of like blending the worlds of finance and industrial Bitcoin mining right now, but the financial aspect of our company is going to grow,” said Mow. “We’re going to have hedge fund-type products like alpha funds, essentially, Bitcoin alpha funds, and US dollar alpha funds, and other innovative things that we can’t mention now.”
Blockstream aims to expand its Series B funding round further and collect nearly $300-$400 million. The latest funding round comes nearly after five years of Series A funding round. Mow mentioned that they have been a true Bitcoin company for longer than anyone else. He mentioned that the firm holds Bitcoin on its balance sheet well before MicroStrategy. He also claimed the reason behind such a big gap between the first and second funding round was mainly because they didn’t need those additional funds.
Adam Back, the CEO of the company said he expects Blockstream branded miners to hit the market by the third quarter of 2022. He said,
“We actually expect to have Blockstream-branded miners in the market in Q3 next year,”
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Fireblocks, the blockchain startup that offers crypto infrastructure solutions including wallets, exchange, and custody services has closer to a $310 million Series D funding round, that tripled its valuation to over $2 billion. The crypto infrastructure provider has become the latest startup to solidify its Unicorn status.
The Series D funding round was led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and the venture arm of Siam Commercial Bank SCB 10X. The startup has also attracted investments from BNY Mellon in its earlier funding rounds. The blockchain startup is looking to use the funds to work with traditional financial institutions and bring assets to the blockchain,
Michael Shaulov, chief executive officer at Fireblocks said,
“Timing is everything and I think right now it’s the beginning of the real opportunity to do it, We have seen quite a lot of projects and … essentially the technology and the appetite to do it has reached the most senior levels of those banks.”
2021 has proven to be the year of crypto companies as a significant number of crypto startups have closed record funding rounds and attained Unicorn status. At least 5 crypto companies have raised over $100 million in their latest funding round, taking their valuation over a billion dollars.
BlockFi raised $350 million in their latest funding round at $3 billion valuations while Blockchain.com raised another $300 million, Chainalysis raised $100 million taking their valuation to $4 billion and crypto exchanged FTX recently closed the biggest funding round in the crypto history with a $900 million fundraise at $18 billion valuations.
Apart from several crypto unicorns, several digital asset firms have also made their public debut this year. Coinbase was one of the most prominent ones that went public on Nasdaq. USDC stablecoin issuer Circle also announced the SPAC merger to go public last month. The likes of Bakkt, 8hut mining, and a few other crypto mining companies have made their public debut this year while several others including Kraken are planning to make a public debut in near future.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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SaveTigray is selling digitised photos of the tragedy on its NFT marketplace and donating the proceeds to charities
In the Ethiopian region Tigray, citizens have been ravaged by war since fighting broke out eight months ago. The result, UNICEF estimates, is 400,000 people experiencing famine, 1.8 million on the verge of famine and tens of thousands already dead.
However, the charitable organisation SaveTigray has come up with an innovative method of raising funds for the victims: non-fungible tokens (NFTs).
Mirna Saraswati of SaveTigray explained, “Last year we planned to create NFTs from Fair Trade Art created by women from Tigray. But the advent of the war in November put an end to those plans. So instead, we are making NFTs based on interpreted photos of the tragedy. We will sell them on our NFT marketplace, and donate the proceeds equally to four groups: the World Food Program, International Rescue Committee, UNICEF, and Save the Children”.
On Monday, the World Food Program tweeted that it had sent a humanitarian convoy to the region but that it would need “to continue delivering 1000 metric tons of life-saving food on 40 trucks a day to #Tigray to meet the emergency food needs of 2.1 million people”.
Roads and bridges into Tigray have been blocked or destroyed by government forces, though they denied blocking aid, while the Ethiopian government and Eritrean troops stationed in the region have been accused of war crimes.
SaveTigray COO, Savannah Partridge, commented, “As much as we want to raise funds for victims, we really want to spread the news to millions. The Ethiopian government has announced that aid flights can resume from the capital, but so far none have been given approval. An outcry from the public can compel them to act”.
As most NFTs are minted and traded on the Ethereum blockchain, which currently uses the energy-intensive Proof of Work mechanism, a pressing issue has been their impact on the environment.
Partridge added, “We believe that NFTs are here to stay. We’ve solved the biggest problem associated with them, which is energy usage. Our platform uses 10 million times less energy than the standard Ethereum-based [sic] ones. Like any NFT, the provenance of each work can be easily traced through the Blockchain. And buyers can continue to use each image to raise more for the cause, if they so choose. NFTs earn Royalties every time they are sold, so they can keep fundraising forever”.
