The next stage of the continuing difficulties for digital asset treasury company (DAT) is fully upon markets as firms — many of whom after stock declines of 50%-98% are trading at levels far below the value of the crypto on their balance sheet — sell said crypto to fund share buybacks.
FG Nexus (FGNX), a DAT firm focused on Ethereum, said Thursday it had sold a chunk of its ether stash to repurchase stock.
The firm disclosed it has used proceeds from the sale of 10,922 ETH, roughly $33 million at current prices — along with $10 million in borrowed funds — to buy back 3.4 million of its shares. That amounts to about 8% of the outstanding float bought at an average price of $3.45, far below the reported NAV of $3.94 per…
