FG Nexus sells reinsurance division to Devondale for cash, note, and equity

FG Nexus Inc.

Consideration: $1M cash, $1.25M promissory note (6% interest, due June 30, 2027), 40% equity in Devondale, and release of $3.3M collateral.
Sale expected to close in Q4 2025, subject to Cayman Islands Monetary Authority approval.
Related party: Saltire Capital (FG Nexus owns 23.9%) to advance $1M to Devondale for cash payment; CEO on Saltire board.
FG Nexus refocuses on Ethereum treasury strategy, aiming for largest corporate ETH holdings.
Tom Heise, former CEO of FG Reinsurance, will lead Devondale as CEO and owns 20% of voting units.

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