Fundamental Global Inc., a Nasdaq-listed company trading under the ticker FGF, has filed with the U.S. Securities and Exchange Commission to raise up to $5 billion through a shelf offering. The majority of the proceeds from this capital raise are intended to be deployed to acquire Ethereum (ETH) for the company's treasury. Approximately $4 billion of the total amount is expected to come from an at-the-market (ATM) facility. Following the announcement, FGF's stock price increased by 3.76% in after-hours trading. This move positions Fundamental Global Inc. as a notable player in the Ethereum investment space, potentially increasing competition with other entities holding significant ETH treasuries.