Ethereum-focused treasury firm FG Nexus sold $33 million in ETH and used $10 million in borrowed funds to repurchase 8% of its shares amid stock price pressures.
FG Nexus disclosed the sale of 10,922 ETH, valued at roughly $33 million, combined with $10 million in borrowed funds to repurchase 3.4 million shares at an average price of $3.45, about 8% of its float. The move aims to support its stock price, which is trading below the $3.94 net asset value per share. FG Nexus now holds around 40,000 ETH along with $37 million in cash and USDC. This follows similar actions by other digital asset treasury firms like ETHZilla, which sold $40 million in tokens last month to buy back shares.