Fundamental Global Inc, a Nasdaq-listed company, has filed a $5 billion shelf offering with the U.S. Securities and Exchange Commission, intending to use the majority of the proceeds to acquire Ethereum (ETH) for its treasury. Following the announcement, Fundamental Global acquired 47,331 ETH valued at approximately $196 million as of August 10, 2025. The company's stock price rose 3.76% after hours in response to the crypto-focused strategy. In a related development, ETHZilla, trading under the ticker $ATNF, disclosed an institutional Ethereum accumulation strategy, holding 82,186 ETH valued at $312.86 million, with $238 million in cash reserves. ETHZilla's stock surged over 90% after investor Peter Thiel took a stake in the company. Ethereum co-founder Vitalik Buterin has expressed support for these developments.