FG Nexus shares fell by over 7% after the company sold its Ethereum stash

FG Nexus, a treasury company focused on holding and accumulating ETH and real-world asset has announced in its 20 November 2025 shareholder update that the company sold 10,922 ETH.

The proceeds current share count. The company says that the buyback is part of a board-approved $200 million share repurchase programme. FG Nexus (FGNX) shares slid over 7% after news broke that it sold some of its Ethereum stash to fund a share buyback.

When the shares of a DAT company sell at a discount to the value of its crypto holdings (mNAV below 1.0), shareholders drive the management to act upon that hidden value. The most effective way to achieve this is through a stock buyback; however, generating the necessary funds to buy back the stock requires a significant amount of cash. If the company does not have sufficient cash, it will need to sell part of its cryptocurrency assets to fund the buyback.

Similar to SharpLink Gaming, other digital assets companies also conducted buybacks after the market net asset value (mNAV) fell below 1, to increase shareholder returns.

As of Wednesday, FG Nexus had a total of 40,005 ETH (approximately

has also been selling off back-end businesses, including reinsurance, through crypto-first efforts such as asset tokenization, merchant banking, and smart contract settlements. CEO Cerminara and Maja Vujinovic, the head of Digital Assets, still see Ethereum as the foundation for the next generation of financial settlement. Their tokenization efforts reflect the idea that public blockchains will form the backbone of future capital markets.

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