Ethereum Crash Triggers FG Nexus Pivot as BitMine Doubles Down on ETH Holdings

Sean Williams
Ethereum (ETH)

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  • FG Nexus sold 10,922 ETH to finance an 8% stock buyback at below NAV valuation.
  • Ethereum’s drop below $3,000 is reshaping how corporate treasuries manage their holdings.
  • BitMine continues accumulating ETH despite $3.7B in unrealized losses.

FG Nexus has executed a sharp strategy reversal after months of signaling interest in expanding its Ethereum holdings. Instead of accumulating additional ETH, the treasury-focused company has opted to liquidate a notable portion of its reserves to finance an aggressive stock buyback plan—marking a decisive pivot from its earlier long-term accumulation stance.

Major ETH Sale Powers Multi-Million-Dollar Buyback

In a new press release, FG Nexus confirmed it sold 10,922 ETH, generating roughly $33 million at current market levels. The firm supplemented this with an additional $10 million in borrowed capital, enabling the repurchase of 3.4 million shares, or about 8% of its public float.

The shares were acquired at an average of $3.45, still below the company’s reported net asset value (NAV) of $3.94, signaling management’s confidence in the stock’s intrinsic valuation.

This shift stands in stark contrast to FG Nexus’s $5 billion shelf registration filed in August, originally designed to support large-scale Ethereum acquisitions. The departure from that strategy underscores how rapidly market conditions—and corporate priorities—have changed amid Ethereum’s sharp price downturn.

ETH Holdings Decline as Market Weakens

Following the sale, FG Nexus’s treasury now holds approximately 40,005 ETH. The timing coincides with Ethereum’s drop below $3,000, falling over 6% in a day and touching $2,840, according to TradingView data.

Notably, FG Nexus is not alone in de-risking. ETHZilla also reduced its exposure in recent weeks, selling $40 million worth of ETH to support its own stock repurchase program.

BitMine Faces Billions in Unrealized Losses but Keeps Buying

While some treasury players are trimming positions, market heavyweight BitMine is doing the opposite. According to 10X Research, the firm is facing more than $3.7 billion in unrealized losses, with its average ETH acquisition cost estimated near $4,000 per coin.

Also Read: Nvidia Earnings Beat Lifts Bitcoin, Ethereum and Tech Stocks

Despite the downturn, BitMine continues accumulating aggressively—adding 54,156 ETH last week and nearly 46,000 ETH this week through wallets linked to the company. Founder Tom Lee maintains that Ethereum’s long-term trajectory remains intact, emphasizing confidence in a potential “ETH supercycle.”]

FG Nexus’s decision to sell ETH for buybacks highlights a growing divergence in corporate treasury strategies. While some firms are prioritizing shareholder value amid market volatility, others continue to double down on long-term Ethereum conviction. The divide underscores a pivotal moment for corporate crypto treasuries navigating one of ETH’s most turbulent periods in 2024–2025.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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