Ethereum treasury FG Nexus, once eager to raise up to $5 billion, sells over 10,000 ETH to fund share buybacks
FG Nexus sold over 10,900 ETH, valued at over $32 million, to fund its ongoing common share repurchase program.Summary
Nasdaq-listed FG Nexus, which previously aimed to raise up to $5 billion to become the world's largest corporate holder of Ethereum, has sold 10,922 ETH, worth over $32 million, to accelerate its plan to repurchase its own common shares. This follows an August filing for a $5 billion shelf registration intended for Ethereum accumulation. FG Nexus Chairman and CEO Kyle Cerminara stated that the buyback has already repurchased 8% of outstanding shares at a discount to net asset value (NAV), and they plan to continue buying back shares while the stock trades below NAV. The company currently holds 40,005 ETH, valued around $120 million. This sale follows a similar move by Ethereum DAT ETHZilla last month, raising questions about potential offloading trends by asset-holding entities, although most venture capital firms deemed this unlikely at the time.
(Source：The Block)