Ether Treasury Firm FG Nexus Unloads Nearly 11K ETH to Fund Share Buyback
FG Nexus sold 10,922 ETH, about $33 million, plus borrowed funds to buy back 3.4 million of its own shares.Summary
Digital asset treasury firm FG Nexus, which focuses on Ethereum, sold 10,922 ETH (approximately $33 million) and used $10 million in borrowed funds to repurchase 3.4 million of its outstanding shares, amounting to about 8% of the float. This action is part of a trend where firms whose stock prices have plummeted far below the value of their crypto holdings are selling assets to fund share buybacks, a strategy aimed at closing the gap between stock price and Net Asset Value (NAV). Chairman and CEO Kyle Cerminara stated the firm plans to continue buying back shares while the stock trades below NAV. Following the news, ETH prices dipped briefly. FG Nexus currently holds about 40,000 ETH along with $37 million in cash and USDC.
(Source：CoinDesk)