Fundamental Global Inc. (FGF), a U.S.-based insurance company, has recently made a strategic move to remain at the forefront of institutional crypto reserve adoption. As revealed in a Thursday filing with the U.S. Securities and Exchange Commission (SEC), it is on its way to raising $5 billion to purchase Ethereum (ETH), the world’s second-largest crypto, as its primary reserve asset.
Remarkably, Fundamental Global Inc. is a publicly traded company on the Nasdaq. Thus, following its filing, the company’s stock, FGF, soared by over 5% as pro-crypto investors acquired shares of one of the latest Ether reserve companies. However, its stock has now dropped by over 1% at press time.
$5 Billion Ether Reserve Incoming
According to the Fundamental Global’s filing, its registration statement includes a base prospectus covering the sale of various securities, including common stock, preferred stock, depository shares, and debt securities, to raise about $5 billion. The base prospectus also enables multiple offerings with flexible terms, and a prospectus supplement will specify the terms for each security offered.
Additionally, the registration includes an at-the-market offering, aimed at raising $4 billion via the sale of common stock through ThinkEquity. Notably, the shares sold under this prospectus are part of the $5 billion of securities covered by the base prospectus.
Explaining the purpose of the offering, Fundamental Global revealed in the filing:
“We intend to use substantially all of the proceeds from this offering to acquire ETH. We also intend to use the proceeds from this offering for working capital needs, general corporate purposes, and operating expenses.”
Fundamental Global also noted that its $5 billion offerings for ETH purchase wouldn’t end at this first trial. It stated in the filing that it plans to occasionally employ similar methods to raise funds subsequently for boosting its crypto reserve.
Meanwhile, this is not the first time Fundamental Global has raised funds for Ether purchase. On July 29, 2025, it agreed to sell pre-funded warrants to accredited investors in a private placement offering. The warrants cover about 40 million shares of common stock at $5.00 each and are payable in cash, bitcoin (BTC), USDC, or ETH.
ETH Investors On the Rise
Remarkably, just a year ago, the majority of institutional investors entering the crypto market had their eyes only on bitcoin, the world’s leading crypto asset. The likes of Strategy, Metaplanet, and MARA Holdings set the pace for this movement. However, this crypto cycle came with changes as more investors turned their attention to ETH.
SharpLink Gaming, a Nasdaq-listed iGaming and Web3 company, is one of the firms leading the Ether strategic reserve movement. Concluding its last purchase in July, it holds approximately 449,000 Ether coins, worth about $1.74 billion. American-based blockchain technology firm BTCS also holds 70,028 ETH, valued at $270 million.
Meanwhile, based on recent analysis by CryptocurrenciesToWatch, Ether could witness a price plummet to $2,500 if these things happen.
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