FG Nexus Inc. (NASDAQ: FGNX) is a holding company that operates across merchant banking, cryptocurrency, and real estate activities. Revenue comes from three disclosed streams: ETH staking rewards, rental income, and merchant banking advisory fees, as reported in the year ended December 31, 2025 income statement. The company holds ETH digital assets on its balance sheet and carries equity securities and other equity holdings, including interests in SPAC sponsors and privately held companies accounted for under the equity method. FG Nexus was renamed from Fundamental Global Inc. on September 5, 2025, following a series of corporate restructurings that included a February 2024 all-stock merger between FG Financial Group and FG Group Holdings and the subsequent integration and partial divestiture of Strong Global Entertainment. The company carries Series A 8% cumulative preferred stock and reported net losses from continuing operations in both fiscal years 2024 and 2025. Mark D. Roberson serves as an authorized officer per the FY2025 10-K filing.

Revenue model

Revenue is generated from three sources disclosed in the FY2025 10-K: ETH staking rewards (cryptocurrency), rental income (real estate), and merchant banking advisory fees (financial services). Specific dollar amounts were redacted in the filing excerpts.

Products and services

ETH digital asset holdings and staking; merchant banking advisory services; rental properties; equity holdings in SPACs and SPAC sponsors; equity method investments in privately held companies.

Customers and end markets

The filing excerpts do not identify specific customers or customer concentration data. End markets include cryptocurrency, real estate, and financial advisory services for SPAC-related transactions.

Value-chain role

FG Nexus acts as a holding company and merchant bank, allocating capital across digital assets, real estate, and financial advisory activities. It holds equity interests in SPAC sponsors and invests in SPAC IPOs alongside affiliated sponsors.

Geographic exposure

The filing excerpts reference foreign currency transaction gains and losses, indicating some international exposure, but specific geographic revenue breakdown is not disclosed in the available excerpts.

Source: SEC 10-K, filed 2026-03-27

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