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

FG Nexus (FGNX), a DAT firm focused on Ethereum, said Thursday it had sold a chunk of its ether stash to repurchase stock.

The firm disclosed it has used proceeds from the sale of 10,922 ETH, roughly $33 million at current prices — along with $10 million in borrowed funds — to buy back 3.4 million of its shares. That amounts to about 8% of the outstanding float bought at an average price of $3.45, far below the reported NAV of $3.94 per share.

FG Nexus now holds around 40,000 ETH, along with $37 million in cash and USDC stablecoin, according to firm’s update.

The move underscores the growing pressure on DATs, many of whose stock prices have plunged below the net asset value of their underlying crypto holdings. Fellow ETH treasury firm ETHZilla sold roughly $40 million of tokens last month to repurchase shares.

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