Ether Treasury Firm FG Nexus Unloads Nearly 11K ETH to Fund Share Buyback

Why It Matters

The sale of core ether holdings to fund share buybacks highlights the liquidity strain on DAT firms and raises questions about the sustainability of their business models as they liquidate assets to support collapsing stock prices.

Summary

FG Nexus, an Ethereum‑focused digital‑asset treasury firm, sold 10,922 ETH—worth about $33 million at current prices—and borrowed $10 million to repurchase 3.4 million shares, roughly 8% of its float, at an average price of $3.45 per share, below its reported NAV of $3.94. The buyback leaves the company with roughly 40,000 ETH and $37 million in cash and USDC, while its stock remains more than 95% below its summer peak despite a brief 2% intraday rise. The move follows a similar $40 million token sale by fellow DAT firm ETHZilla and reflects mounting pressure on digital‑asset treasury companies whose market caps have fallen far below the net‑asset value of their crypto holdings.