FG Nexus Sells 10,922 ETH for $33M Share Buyback, Restructures

FG Nexus sold 10,922 ETH for $33 million to fund a share buyback, acquiring 3.4 million shares below net asset value. The move is part of a strategic shift and broader restructuring.

FG Nexus has sold 10,922 ETH, valued at around $33 million, to fund a share buyback program, acquiring 3.4 million shares at an average price of $3.45 per share—below its net asset value of $3.94. The company also used $10 million in borrowed funds for the buyback, which represents about 8% of its outstanding shares. This strategic shift comes after previously aiming to become a leading corporate holder of Ethereum, and follows similar moves by other digital asset treasury firms amid market volatility and declining stock prices. The sale led to a 2% drop in ETH prices and a 7% decline in FG Nexus's stock. FG Nexus is also undergoing a broader restructuring, including eliminating legacy businesses and focusing on crypto treasury and asset tokenization. The company now holds about 40,000 ETH and $37 million in cash and USDC, and plans to continue repurchasing shares while they trade below NAV, aiming to boost per-share valuation. Despite these efforts, shares remain significantly down from last summer's peak.