Investment in Ethereum-focused treasury vehicles accelerated this week, with two separate fund-raisings collecting nearly a quarter-billion dollars as the blockchain celebrated its 10th anniversary. Fundamental Global Inc. said it raised $200 million through a private placement of 40 million prefunded common-stock warrants priced at $5 each. The Nasdaq-listed merchant-banking firm plans to rebrand as FG Nexus Inc. and deploy the proceeds to buy ether (ETH) as its primary treasury reserve asset while pursuing staking yields. Backers include Galaxy Digital, Kraken, Hivemind Capital and Digital Currency Group. The deal, slated to close about Aug. 1, will also bring former TD Ameritrade chief Joe Moglia on board as executive advisor. Separately, decentralized protocol ETH Strategy closed a $46.5 million pre-launch financing, collecting 12,342 ETH to build an on-chain treasury vehicle that offers leveraged exposure to ether without margin liquidations. The project subsequently launched its governance token, STRAT, which recorded about $36.5 million in trading volume on its first day. The back-to-back raises underscore growing institutional and retail appetite for Ethereum-denominated treasury strategies that aim to pair core holdings of the second-largest cryptocurrency with staking and other yield-generating mechanisms.