Key highlights
- FG Nexus has revealed in the third quarter financial report that it sold 10,922 ETH from its treasury to support its buyback
- In July, the company raised $200 million to establish an Ethereum treasury, which currently holds over 40,000 ETH tokens
- The company cuts its ETH holdings amid the current turmoil in the crypto market, declining its value
On November 20, FG Nexus announced that the company sold 10,922 ETH from its treasury to support its buybuck program, now holding 40,005 Ethereum tokens.
In its Third Quarter Highlights and Shareholder Update, the company shared its update on the balance sheet. The company also revealed that it borrowed approximately $10 million to “accelerate repurchases and enhance shareholder value.”
“Since commencing the buyback, we have repurchased 8% of our shares outstanding at a substantial discount to our net asset value while maintaining a strong ETH and cash balance,” Kyle Cerminara, Chairman & CEO of FG Nexus, stated in the press release. “We plan to continue buying back shares while our stock trades below NAV, which creates an increasingly asymptotic effect on our per-share valuation metrics as the number of shares outstanding declines and net asset value per share increases.”
As of now, the company holds cash and USDC holdings of approximately $37 million, along with debt of $11.9 million.
On July 30, Ethereum’s 10th birthday, FG Nexus revealed a $200 million private placement. With this progress, the company stated that it will adopt an aggressive Ethereum (ETH) strategy by placing the company as the primary reserve asset. This funding was backed by crypto giants like Galaxy Digital, Kraken, Hivemind Capital, Syncracy Capital, and Digital Currency Group.
Maja Vujinovic, CEO of the Digital Asset division, stated in a press release, “Ethereum isn’t just infrastructure, it’s personal. As CIO of GE, I helped bring Ethereum inside one of the world’s largest companies, working with Joseph Lubin, Ethereum co-founder, to explore smart contracts across a variety of business lines. That conviction hasn’t changed At FG Nexus, we’re building the institutional-grade rails for Ethereum treasuries, secure, transparent, yield-driven. With today marking Ethereum’s 10-year anniversary, I am thrilled to be part of the next chapter in a journey that started a decade ago.”
Ethereum Knocks Below $3,000 Following Market Volatility
Amid the current market turmoil, Ethereum has witnessed a catastrophic drop, declining its value below $3,000 after facing massive liquidation. This drop in the crypto market has raised sell signals.
However, there is some positive news coming out for the crypto market that might give it a boost to resist the ongoing downward trend.
A major shift in economic data is creating a complex background for cryptocurrency markets. A recent report from the United States labour market indicates a major slowdown, with weekly data showing companies cutting thousands of jobs and unemployment claims rising rapidly.
This economic weakness is pressuring Federal Reserve policymakers to consider new stimulus measures, even as it causes the immediate probability of an interest rate cut to fall. For the cryptocurrency market, this condition can be proven as a silver lining.
A move toward lower interest rates typically weakens the USD and increases system-wide liquidity, which in turn grows investor appetite for risk-on assets like Bitcoin.
Apart from this, the leading asset manager, BlackRock, has officially registered an iShares Staked Ethereum Trust ETF in the state of Delaware.
This registration is a standard procedural milestone that typically precedes the formal submission of documents to federal regulators for approval.
This development follows the latest trend where BlackRock’s intent o capitalise on growing institutional demand for products that offer not only asset price exposure but also the additional yield generated from staking rewards.
A major change came in September 2025, when the Securities and Exchange Commission approved new generic listing standards.
