When announcing its quarterly results, Ethereum Treasury Companies FG Nexus reported the sale of 10,922 ETH. Why did the company make this U-turn?
Ethereum Treasury Company FG Nexus sells 10,922 ETH
A few months ago, while crypto treasury companies were booming, we repeatedly warned about the risk of capital loss they could represent.
And with good reason: behind their carefully crafted communications, many of them seemed to have been created solely to try to revive a stock market price that had been in free fall for several years. While a few examples have already come to light, it is now the turn of FG Nexus, which still held 50,778 ETH as of September 30.
However, in its press release announcing its third-quarter figures, the company revealed that it had sold nearly 11,000 units to finance share buybacks:
On October 23, 2025, the Company commenced the repurchase of its common shares under its previously announced share repurchase program. To fund this transaction, the Company borrowed approximately $10 million and sold 10,922 ETH, the proceeds of which were used to accelerate the repurchases and increase shareholder value.
Considering the price of ETH on October 23 and the price at which it was trading at the end of July, when FG Nexus announced a $200 million fundraising to finance its Ethereum Treasury Company project, it is likely that the transaction resulted in neither a loss nor a gain.
However, while the company reports that it repurchased 3.4 million common shares at an average price of $3.45 per share, we can only conclude that this was not enough to correct the stock’s disastrous performance on the stock market.
After climbing to $41.25 in August, FGNX stock has now fallen more than 94% below its pre-announcement price:
At the same time, the price of ETH continues to struggle, trading at $2,730 at the time of writing, down 10% over the last 24 hours.
