FG Nexus: The Discount To NAV Threatens Ethereum Treasury Model And Preferreds

2025-12-30 08:31:16 ET

FG Nexus' ( FGNX ) 20% discount to NAV per share inverts the traditional cryptocurrency-as-a-treasury model championed by Strategy's ( MSTR ) Michael Saylor by depriving the company of the ability to aggressively tap its common shares to buy Ether, the native cryptocurrency of the Ethereum blockchain ( ETH-USD ). FGNX, based in Charlotte, North Carolina, operates across two business lines. Digital Assets sees FGNX exclusively adopt Ether ("ETH") for use as a long-term treasury asset. The company currently owns 40,095 ETH , with these valued at $3,005 per ETH, or $120.5 million. Merchant Banking forms the second division, which provides administrative and regulatory support services to newly formed SPACs. The company currently has 36 million shares outstanding at $2.92 per share, around 0.80x its net asset value ("NAV") of $3.66 per share. ...

Read the full article on Seeking Alpha

For further details see: