FG Nexus Is the Latest Ethereum Treasury Firm to Sell ETH as Its Stock Craters

Core Insights - FG Nexus (FGNX) shares fell over 7% after the firm sold part of its Ethereum holdings to repurchase shares [1] - The firm raised $200 million in July for its Ethereum treasury strategy, acquiring over 50,000 ETH by September, but has since sold 10,922 ETH worth approximately $31.3 million [2] - FG Nexus has repurchased 8% of its outstanding shares at a significant discount to its net asset value (NAV) and plans to continue this strategy while shares trade below NAV [3] Company Actions - FG Nexus has offloaded some Ethereum holdings to fund share buybacks, similar to other firms like ETHZilla, which sold around $40 million worth of ETH for the same purpose [4] - As of the latest report, FG Nexus holds 40,005 ETH valued at about $115 million and around $37 million in USDC, having repurchased approximately 3.4 million shares at an average cost of $3.94 [5] - The current trading price of FGNX is $2.41, significantly below the average repurchase cost, with a decline of nearly 37% in the last month and over 85% in the last six months [6] Market Context - The firm's stock has seen a drastic decline from above $40 in August, positioning FG Nexus just outside the top seven publicly traded Ethereum treasuries based on its current ETH holdings [6]