The Charlotte-based digital asset treasury company disclosed that the ETH liquidation took place on Oct. 23, using proceeds from the sale—along with a $10 million loan—to increase the pace of its buyback plan. The transaction is tied to the firm’s previously announced $200 million common share repurchase initiative.

The company said the move was part of a broader capital strategy aimed at increasing net asset value and reducing shares outstanding at a discount to the firm’s valuation metrics. As of Nov. 19, FG Nexus reported holding 40,005 ETH and approximately $37 million in combined cash and USDC holdings, with total debt rising to $11.9 million following the financing activity.

FG Nexus stated that the repurchase program has so far reduced its float by 3.4 million common shares at an average price of $3.45. Management highlighted that buying back shares below net asset value has the potential to increase per-share valuation as supply contracts. The company reported a net asset value per share of roughly $3.94 as of its latest update.

The ethereum sale marks a significant shift in the firm’s balance sheet composition, with its treasury dropping from 50,778 ETH at the end of the third quarter to 40,005 ETH in November. The company continues to emphasize its strategy of building an ETH-based treasury, staking assets, and pursuing real-world-asset (RWA) tokenization initiatives.

FG Nexus also reiterated its plan to streamline operations, including divesting legacy business units and reallocating capital toward digital-asset-driven financial products. The firm previously distributed certain legacy operations and outlined plans to sell the remainder of its reinsurance business and Quebec real estate portfolio.

Also read: Blackrock Opens Door to Staked Ethereum ETF With Fresh Trust Filing

CEO Kyle Cerminara said the company intends to continue repurchasing shares while they trade below net asset value, noting that the strategy strengthens per-share metrics as buybacks progress. FG Nexus is now in the same boat as Sequans, Lite Strategy, and ETHzilla.

Even after slimming down its stash, FG Nexus still ranks as the eighth-largest corporate ethereum ( ETH) holder among public companies, perched above Gamesquare and tucked just below BTCS Inc.

• Why did FG Nexus sell 10,922 ETH?
  The company sold the ETH to fund its ongoing common share buyback program.
• How many shares has FG Nexus repurchased so far?
  FG Nexus has repurchased 3.4 million common shares at an average of $3.45.
• How much ETH does the company hold now?
  FG Nexus reports holding 40,005 ETH as of Nov. 19.
• What is FG Nexus’ current net asset value per share?
  The company lists its net asset value per share at roughly $3.94.

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