FG Nexus' Discount to NAV Threatens Treasury Model and Preferreds

FG Nexus' 20% discount to net asset value (NAV) threatens its treasury model and preferred shares, inverting the traditional cryptocurrency-as-a-treasury model championed by Strategy's Michael Saylor. The discount deprives the company of the ability to aggressively tap its NAV for capital, potentially impacting its ability to invest in cryptocurrency assets.