FG Nexus Shifts Strategy With Major Ethereum Sale to Fund Share Buyback

FG Nexus has pivoted from its earlier plan to significantly expand its Ethereum treasury, choosing instead to liquidate part of its holdings to support a sizable stock buyback program. The move marks a notable shift for the company, which had previously positioned itself to become a major corporate holder of ETH.

According to a recent press release, FG Nexus sold 10,922 ETH, generating roughly $33 million based on current market prices. The firm also tapped an additional $10 million in borrowed capital, using the combined funds to repurchase 3.4 million shares. This buyback represents around 8% of the available public float, with the company paying an average of $3.45 per share—still below its reported net asset value of $3.94.

The change in direction comes just months after FG Nexus filed a massive $5 billion shelf registration with the SEC, signaling earlier ambitions to raise significant capital for Ethereum accumulation. With the latest sale, the company now holds approximately 40,005 ETH. The decision also arrives during a broad market downturn, as Ethereum’s price slipped below $3,000 and fell more than 6% intraday to around $2,840, according to TradingView data.

FG Nexus is not alone in reducing its exposure. ETHZilla recently revealed that it offloaded $40 million worth of ETH to fund its own stock repurchase initiative. Meanwhile, the largest Ethereum treasury company, Tom Lee’s BitMine, is facing roughly $3.7 billion in unrealized losses after ETH dropped far below its average purchase price of about $4,000 per coin. Despite the losses, BitMine continues to aggressively buy more ETH, acquiring more than 54,000 ETH last week and accumulating an additional 45,000 ETH from BitGo and Kraken-linked wallets this week.

Even amid market volatility, BitMine maintains confidence in Ethereum’s long-term trajectory, reinforcing its belief in a coming ETH “supercycle.”