FG Nexus is a small holding company that has pivoted to operate primarily as a digital asset treasury, with a secondary merchant banking business. Following a ~$200M private placement in mid-2025, FG Nexus deployed capital primarily into ETH (Ethereum's native token), which now serves as its core treasury asset. The company's primary value driver is the price of ETH — as ETH rises or falls, so does the value of FG Nexus's assets. Beyond simply holding ETH, FG Nexus stakes ETH on the Ethereum network to earn additional ETH as protocol rewards, and evaluates other yield strategies including liquid staking and wrapped staked ETH. FG Nexus pays Galaxy Digital 0.75%–1.25% per annum to manage its ETH strategy, and holds ETH with institutional custodians Anchorage Digital and BitGo. The company also argues that Ethereum's role as a settlement layer for stablecoins, DeFi, and tokenized real-world assets positions FG Nexus to commercialize the tokenization of real-world assets like real estate and reinsurance contracts, though this appears to be in early stages. FG Nexus's secondary merchant banking segment provides administrative, strategic, and regulatory support to SPACs, and co-sponsors SPACs through a partnership called FG Merchant Partners. The company has aggressively shed legacy businesses — including reinsurance, cinema technology, and a real estate incubator — transferring them to a CVR Trust or selling them outright, and has repurchased roughly 26% of its common stock since October 2025. FG Nexus employs only 15 people.