FG Nexus Shares Jump After Ethereum Holdings Reach 50,000 ETH

Shares of FG Nexus (FGNX) jumped as much as 4.5% in pre-market trade on Tuesday after the company disclosed that its Ethereum (ETH) holdings had reached 50,000 tokens.

Retail sentiment around FGNX’s stock trended in ‘extremely bullish’ territory, accompanied by ‘extremely high’ levels of chatter over the past day, according to Stocktwits data. The shares have declined by approximately 68% this year and 71% over the past 12 months.

The milestone comes after FG Nexus announced its pivot toward an ETH Treasury strategy in August. Over the past week, FG Nexus added 285 ETH to its treasury. According to the company, its ETH stake is valued at roughly $210 million, based on Ethereum’s price of $4,200 as of early morning trade on Tuesday. The company said its average purchase price for Ethereum is approximately $3,860.

Retail sentiment around Ethereum on Stocktwits trended in ‘bearish’ territory over the past day. Ethereum’s price has gained more than 25% this year and over 62% in the last 12 months. 

FG Nexus’ main rival in the race to hold the largest Ethereum treasury is Tom Lee-led Bitmine Immersion Technologies (BMNR). BMNR aims to secure 5% of Ethereum’s total circulating supply, while FG Nexus has set a more ambitious target of 10%. Currently, Bitmine leads the race with over 2.4 million ETH in its reserves, which amounts to approximately 2% of ETH’s total supply.

BMNR’s stock was up 2% in pre-market trade on Tuesday, with retail sentiment in ‘bullish’ territory and chatter levels at ‘high’ levels over the past 24 hours.

Read also: XRP Tops Altcoins As Crypto Markets Stabilize After $1.68 Billion Futures Liquidation

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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