ETH Sell-Off: FG Nexus Buys Back Shares Like It’s Black Friday 🛍️📉

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Finance

What to know:

  • FG Nexus sold 10,922 ETH (because nothing says “I’ve got this” like burning your own crypto) to fund a share buyback. 🤷♂️💸
  • Combined with $10M borrowed funds, they repurchased 3.4M shares (8% of float) at $3.45/share-way below NAV of $3.94. Because math is hard, apparently. 🧮🔥
  • Digital asset treasuries are panicking as stock prices plummet below crypto holdings’ value. Classic “sell the farm to fix the porch.” 🏡📉

The next chapter in the DAT saga is here: firms with stocks trading at 50%-98% off their peaks are now selling crypto to buy back shares. Because why not? It’s not like crypto is useful for anything else. 🤷♂️

FG Nexus (FGNX), the Ethereum-focused DAT, spilled the tea Thursday: they sold ETH to repurchase stock. Because nothing says “stability” like liquidating your assets. 🤷♂️

The firm revealed proceeds from 10,922 ETH (~$33M) plus $10M borrowed funds bought 3.4M shares at $3.45/share. That’s 8% of the float. For context, the NAV is $3.94/share. Because who needs a 14-cent profit when you can have a existential crisis? 💸

The market reacted like a teen to bad news: ETH dropped 2%, Bitcoin slumped 1%, then everyone collectively shrugged and bounced back. 🤷♂️

FG Nexus now holds ~40,000 ETH, $37M cash, and USDC. Because nothing says “financial security” like holding a mix of crypto and stablecoins. 🤷♂️

This move highlights the DAT freefall-stocks trading below crypto’s net value. Fellow ETH firm ETHZilla sold $40M in tokens last month. Because solidarity is overrated. 🤷♂️

Share buybacks are the new “I’ve got this,” but they also ask: How long can these firms survive while selling their soul (and crypto)? 🤔

“We’ll keep buying back shares while stock trades below NAV,” said CEO Kyle Cerminara, because optimism is a superpower. 🤞

FGNX shares rose 2% post-announcement but are still down >95% from summer 2023’s peak. Because nothing says “success” like a 95% drop. 🤷♂️

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2025-11-20 18:18