FG Nexus Sells Ethereum Holdings to Fund Share Buybacks Amid Market Pressure

Overview

Digital asset treasury firm FG Nexus has sold approximately $33 million worth of Ethereum (ETH) and used $10 million in borrowed funds to repurchase 3.4 million shares, representing about 8% of its outstanding float. This action aims to close the gap between its stock price and its Net Asset Value (NAV). The sale caused a minor dip in ETH and Bitcoin prices.