After Bitcoin (BTC), altcoins are also frequently preferred by companies within the scope of their treasury strategy.
While Ethereum (ETH) is in first place at this point, one of these companies, FG Nexus, made a bold move.
Accordingly, Ethereum treasury company FG Nexus sold 10,922 ETH to finance its share buyback on November 20. The company is left with 40,005 ETH.
While this is seen as a serious move in the cryptocurrency world, they still hold a whopping 40,005 ETH, indicating they are still holding onto Ethereum.
However, this sale by a company that is among the largest ETH treasury companies is also seen as a sign that market weakness may force reserve companies to sell more.
Apart from FG Nexus, ETHZilla also had to sell ETH for share buyback.
The news impacted the price of Ethereum, which fell below $3,000.
*This is not investment advice.
