FG Nexus, a company that adopted a corporate strategy based on the accumulation of ether (ETH) similar to MicroStrategy’s Bitcoin model, sold a portion of its reserves to support a share buyback program.
The company offloaded 10,922 ETH on October 23rd to increase liquidity and accelerate share buybacks. The above comes amid strong downward pressure on Nasdaq market prices.
In parallel, the company borrowed USD 10 million, combining both sources of funding. Acquired 3.4 million shares The average price is $3.45.
This decision was made as the stock price continues to expand its downward trend, according to the daily chart below. Prices hit a new all-time low.
FG Nexus currently holds 40,005 Ether and approximately $37 million in cash and Circle’s stablecoin, USD Coin (USDC). Additionally, it has debts totaling $11.9 million. Net value per share is $3.94. This is below the reported book value of $5.80 as of September 30th.
During the third quarter, the company announced a strategic shift to digital treasury and asset tokenization. The latter is backed by USD 200 million in funding and a partnership with Securitize, as reported by CriptoNoticias.
(Tag Translation) Cryptocurrency
