FG Nexus Inc.
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 12, 2026
FGCPP$25.00-2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001493152-26-021749
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001493152-26-037445
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 71 previous paragraphs and 63 current paragraphs.
35 unchanged; 14 reworded; 14 added; 22 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
Real Estate
Current report
The Company owns real estate in Quebec, Canada that is leased pursuant to a long-term triple net operating lease.
Current report
Exiting Digital Assets Business
Current report
In August 2025, we launched our digital asset business and adopted Ether, the native cryptocurrency of the Ethereum blockchain (“Ether” or “ETH”) as our primary treasury asset. In June 2026, our Board of Directors (the “Board”) authorized management to continue reducing the Company’s exposure to digital assets by exiting our digital asset business. We completed the sale of all of our previously held digital assets prior to June 30, 2026.
Current report
Loss from operations increased to $2.1 million during the three months ended June 30, 2026 as compared to $1.6 million during the three months ended June 30, 2025. General and administrative expenses increased $0.7 million during the three months ended June 30, 2026 as compared to the prior year period primarily due to higher compensation costs and legal fees, as well as professional fees and public relations expenses incurred as we operated our ETH treasury operations. The increase in general and administrative expenses was partially offset by a reduction in stock-based compensation expense.
Current report
Net loss from continuing operations increased to $10.2 million during the three months ended June 30, 2026 compared to net income from continuing operations of $4.4 million during the three months ended June 30, 2025 primarily due to unrealized losses on our equity holdings in the current period compared to gains in the prior year period, partially offset by the gain on financial instruments during the current year.
Current report
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Current report
Revenue of $0.5 million during the six months ended June 30, 2026 included $0.3 million of merchant banking advisory fees and $0.2 million of rental income. Total revenue during the first half of 2025 consisted of $0.2 million of merchant banking advisory fees and $0.2 million of rental income.
Current report
Loss from operations increased to $5.2 million during the six months ended June 30, 2026 as compared to $3.9 million during the six months ended June 30, 2025. General and administrative expenses increased $1.5 million during the six months ended June 30, 2026 as compared to the prior year period primarily due to higher compensation costs, audit fees and legal expenses, as well as professional fees and public relations expenses incurred as we operated our ETH treasury operations. The increase in general and administrative expenses was partially offset by a reduction in stock-based compensation expense.
Current report
The six months ended June 30, 2026 included an equity method loss on the shares of Saltire of $9.7 million, which included an other-than-temporary write down of the carrying value of $11.2 million, as compared to a $2.0 million equity method gain on the shares of Saltire in six months ended June 30, 2025. The remainder of the net loss on equity holdings and other holdings during the six months ended June 30, 2026 included a $0.6 million gain related to our USFM cost method equity holding, which was offset by a $0.5 million unrealized loss on our fair value method equity holding due to a change in the quoted market price of FG Merger II Corp. The remainder of the net loss on equity holdings and other holdings during the six months ended June 30, 2025 related to holdings distributed to the CVR Trust in August 2025.
Current report
Net loss from continuing operations increased to $13.3 million during the six months ended June 30, 2026 compared to $4.2 million during the six months ended June 30, 2025 primarily due to unrealized losses on our equity holdings in the current period compared to gains in the prior year period, as well as an increase in general and administrative expenses, partially offset by the gain on financial instruments during the current year.
Current report
Equity Holdings
Current report
The valuation of the Company’s equity holdings requires management judgment, particularly for holdings accounted for under the equity method and cost method without readily determinable fair values. Judgment regarding the level of influence over each equity method holding includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Management evaluates equity method holdings for indicators of other-than-temporary impairment and evaluates cost method holdings for observable price changes and impairment indicators. These assessments involve judgment regarding quoted market prices, recent transactions, issuer-specific developments, market conditions and the expected recoverability of carrying amounts. During the three and six months ended June 30, 2026, the Company recorded an $11.2 million impairment charge related to its Saltire equity method holding and a $0.6 million gain related to an observable price change in its USFM cost method holding.
Current report
As of June 30, 2026, we had cash and cash equivalents of $24.9 million. Subsequent to June 30, 2026, we received $15.5 million in connection with the redemption of the FG Merger II Corp. equity holdings and an additional $15.0 million related to the receivable from sale of ETH digital assets. As of July 31, 2026, we had cash and cash equivalents of approximately $51.4 million.
Removed paragraphs (22)
Previous report
Digital Assets
Previous report
In 2025, the Company transitioned its operations to focus primarily on operating as a digital asset treasury focused on ETH and tokenization opportunities, particularly the tokenization of real-world assets. Ethereum and other Ether related digital assets serve as our primary treasury assets, Ethereum is the foundation of digital finance and settlement layer for the majority of stablecoins, Decentralized Finance (DeFi), and tokenized assets. ETH is the native token of the Ethereum network, which we purchased ETH as our initial treasury asset following the private placement.
Previous report
Our treasury strategy is focused on commercializing and expanding the tokenization of real-world assets, potentially including affordable housing, reinsurance, real estate and other asset classes. As of March 31, 2026, our digital asset portfolio included 20,637 ETH and 7,659 wrapped staked ETH (“wstETH”), with a combined estimated fair value of $60.7 million. All of our digital assets are held in our custodial accounts at Anchorage and BitGo.
Previous report
As part of our ETH treasury strategy, we participate in liquid staking through the Lido protocol. In a Lido liquid staking arrangement, we transfer ETH to the Lido protocol and receive stETH, a fungible rebasing ERC-20 receipt token, which is then wrapped into wstETH, a fungible ERC-20 receipt token, that represents a proportional interest in the protocol’s pool of staked ETH. The token balance remains fixed and, instead, the value per unit increases to reflect staking rewards.
Previous report
The Lido protocol establishes a daily Protocol Conversion Rate (“PCR”), which reflects the amount of ETH into which a unit of wstETH is redeemable. The PCR is calculated by dividing the total ETH held by the protocol, including accumulated staking rewards (net of penalties or slashing fees), by the total number of wstETH tokens in circulation. The PCR is updated daily through the protocol’s on-chain infrastructure and is publicly accessible.
Previous report
The PCR is not a market trading price. The process of redeeming wstETH for ETH is subject to the validator exit queue, bonding periods and other mechanics that may affect the timing and execution of redemption. As a result, we may not be able to redeem our holdings immediately.
Previous report
Loss from operations increased to $40.2 million during the first quarter of 2026 as compared to $2.3 million during the first quarter of 2025. Loss from operations during the first quarter of 2026 included losses on digital assets totaling $36.7 million, which was comprised of (i) an $18.0 million unrealized mark to market adjustment on the valuation of our ETH digital assets and (ii) realized losses on the sale of ETH and conversion of ETH to other digital assets totaling $18.7 million. General and administrative expenses increased $1.3 million during the first quarter of 2026 as compared to the prior year period was primarily due to higher compensation costs, professional fees, audit fees and public relations expenses incurred as we launched our new ETH treasury operations.
Previous report
Net loss from continuing operations increased to $40.3 million during the first quarter of 2026 from $8.6 million during the first quarter of 2025 primarily due to the unrealized mark to market adjustments during the current year due to fluctuations in the value of our ETH, realized losses on the sale of ETH and conversion of ETH to other digital assets, as well as the increased operating expenses and other costs associated with launching our digital asset treasury operations.
Previous report
ETH Digital Assets
Previous report
The Company’s ETH digital assets fall within the scope of ASC 350-60. As of March 31, 2026, the Company held $43.5 million of ETH, which are held at fair value and are included as part of the ETH digital assets line on the condensed consolidated balance sheets. In determining the fair value of the digital assets in accordance with ASC 820, the Company utilizes Coinbase as the principal market. The activity from remeasurement of ETH at fair value is reflected in the condensed consolidated statements of operations within Unrealized measurement of fair value of ETH digital assets. We use a first-in, first-out methodology to assign costs to digital assets for purposes of the digital assets held and realized gains and losses. Sales and purchases of ETH digital assets are reflected as cash flows from investing activities in the condensed consolidated statements of cash flows.
Previous report
Digital Intangible Assets, at Cost Less Impairment
Previous report
We hold wstETH, which are receipt tokens received in exchange for staking ETH via liquid staking protocols. We exercise significant judgment in determining whether specific digital assets fall within the scope of ASC 350-60. We have determined that wstETH does not meet the scope criteria of ASC 350-60 because the token represents a contract that provides the holder with enforceable rights to residual assets (redeemable ETH), thereby failing the “other goods and services” criterion of the standard. Consequently, we account for wstETH as an indefinite-lived intangible asset under ASC 350-30, measured at cost less impairment.
Previous report
We evaluate wstETH for impairment quarterly. This requires tracking the lowest intraday quoted price of wstETH on our principal market since the acquisition of the specific asset lot. If the carrying value exceeds the lowest intraday price, an impairment loss is recognized immediately. This methodology differs significantly from the fair value treatment of our native ETH and creates a disparity in how gains (recognized only upon sale/redemption) and losses (recognized immediately upon price decline) are reported for wstETH.
Previous report
Staking*
Previous report
Native Staking
Previous report
Beginning in August 2025, and continuing through December 2025, we deployed our ETH in native staking activities. We utilize a third-party asset manager to manage and stake ETH on our behalf. Through the agreement with the asset manager, our ETH is held by qualified custodians, staked in the Ethereum protocol, and the stake is delegated to third party validators. When chosen as validators by the Ethereum network, these validators earn staking rewards and transaction fees proportional to the amount of stake delegated to them. We recognize rewards from native staking as revenue in accordance with ASC 606. However, since the amount of rewards are not known by us until a validation activity is completed, and we receive rewards in our custodial account, the staking rewards are constrained under the Topic 606 guidance on variable consideration until such time.
Previous report
Because we are not the principal to the block validation service, we do not control the full output of the reward-generating activity, and instead receives net staking rewards, after validator commissions are deducted. As such, we present staking revenue on a net basis, reflecting only the portion of protocol rewards to which it is entitled. Asset manager fees are presented as separate operating expenses within General and administrative expenses on the condensed consolidated statements of operations.
Previous report
Liquid Staking
Previous report
We also participate in liquid staking through a liquid staking protocol. One key difference and intended benefit of liquid staking versus native staking is that it allows us to earn staking rewards, like native staking, but provides liquidity and the ability to enter into other transactions through the use of receipt token. Instead of directly locking ETH into Ethereum’s staking deposit contract, we deposit ETH through our custodian into the liquid staking protocol’s smart contract. The liquid staking protocol then controls the ETH for deposit into the Ethereum’s staking deposit contract and further delegation to its chosen validators. In exchange for staking its ETH, we receive wstETH, a freely transferable ERC-20 liquid staking receipt token, which enables participation in decentralized finance (DeFi) and other crypto markets while the underlying ETH remains staked on Ethereum. Upon staking ETH through the liquid staking protocol, the ETH is derecognized because the liquid staking protocol obtains the ability to deploy and direct its use, and the wstETH token received concurrently is then recognized. Any gain or loss on the derecognition of ETH and the recognition of the wstETH is recognized in accordance with ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”) based on the difference between the carrying amount of the ETH staked and the fair value of the wstETH received.
Previous report
The liquid staking protocol uses a floating conversion rate, or protocol conversion rate, between the receipt token and staked tokens, reflecting the value of accrued network rewards, penalties, and fees associated with the staked ETH. The conversion rate between wstETH and ETH increases over time as staking rewards accrue to the protocol; no new wstETH are received. Staking rewards in the form of ETH are only received upon redemption of wstETH.
Previous report
Since wstETH is accounted for under ASC 350-30, increases in wstETH fair value while we remain staked with the liquid staking protocols, are not recognized. There is no ongoing performance obligation following the staking of ETH through the liquid staking protocol. Additionally, wstETH is a non-rebasing token, meaning its quantity remains fixed over time. Staking rewards are not continuously reflected in token balances but are instead realized separately. Staking rewards are therefore recognized only when the wstETH is redeemed, measured at the fair value of ETH at contract inception, which is when the ETH were staked.
Previous report
As of March 31, 2026, we had cash and cash equivalents of $14.1 million and ETH and other digital assets with a combined fair value of $60.7 million.
Reworded paragraphs (14)
Previous wording
Management cautions that the forward-looking statements in this Quarterly Report on Form 10-Q are not guarantees of future performance, and we cannot assume that such statements will be realized or the forward-looking events and circumstances will occur. Factors that might cause such a difference include, without limitation, the Company’s ability to execute its business plans which are contemplated to include increasing the Company’s scale through acquisition, fluctuations in the market price of ETH and other digital assets and any associated mark to market charges or impairments that the Company may incur as a result of a decrease in the market price of ETH and other digital assets below the value at which the Company’s ETH and other digital assets are carried on its balance sheet, changes in the accounting treatment relating to the Company’s digital asset holdings, the tokenization of real-world assets, the Company’s ability to achieve profitable operations, government regulation of digital assets, changes in securities laws or regulations such as accounting rules as discussed below, customer acceptance of new products and services including the Company’s real world tokenization and ETH treasury strategies, general conditions in the global economy; risks associated with operating in the merchant banking industry; risks of not being able to execute on our asset management strategy and potential loss of value of our holdings; risk of becoming an investment company; fluctuations in our short-term results as we implement our business strategies; risks of not being able to attract and retain qualified management and personnel to implement and execute on our business and growth strategy; failure of our information technology systems, data breaches and cyber-attacks; our ability to establish and maintain an effective system of internal controls; the requirements of being a public company and losing our status as a smaller reporting company or becoming an accelerated filer; and potential conflicts of interest between us and our directors and executive officers.
Current wording
Management cautions that the forward-looking statements in this Quarterly Report on Form 10-Q are not guarantees of future performance, and we cannot assume that such statements will be realized or the forward-looking events and circumstances will occur. Factors that might cause such a difference include, without limitation, the Company’s ability to execute its business plans which are contemplated to include increasing the Company’s scale through acquisition, fluctuations in the real estate industry, the Company’s ability to achieve profitable operations, customer acceptance of new products and services, general conditions in the global economy; risks associated with operating in the merchant banking industry; risks of not being able to execute on our asset management strategy and potential loss of value of our holdings; risk of becoming an investment company; fluctuations in our short-term results as we implement our business strategies; risks of not being able to attract and retain qualified management and personnel to implement and execute on our business and growth strategy; failure of our information technology systems, data breaches and cyber-attacks; our ability to establish and maintain an effective system of internal controls; the requirements of being a public company and losing our status as a smaller reporting company or becoming an accelerated filer; and potential conflicts of interest between us and our directors and executive officers.
Previous wording
FG Nexus is a holding company incorporated in the state of Nevada. Our common stock and Series A preferred shares are currently listed on Nasdaq under the symbols “FGNX” and “FGNXP,” respectively. The Company currently conducts business through its business segments including digital assets and merchant banking.
Current wording
FG Nexus is a holding company incorporated in the state of Nevada. Our common stock and Series A preferred shares are currently listed on Nasdaq under the symbols “FGNX” and “FGNXP,” respectively. The Company currently conducts business through its business segments including merchant banking and real estate.
Previous wording
The Company’s merchant banking group provides advisory services, facilitates capital formation and allocates capital to equity holdings. In our SPAC Platform, this also includes launching, sponsoring and providing strategic, administrative, and regulatory support services to newly formed SPACs. Our merchant banking division has facilitated the launch of several new companies, including FG Communities, Inc. (“FGC”), a self-managed real estate company focused on a growing portfolio of manufactured housing communities that are owned and operated by FGC, and Craveworthy LLC (“Craveworthy”), an innovative fast casual restaurant platform company. Saltire Holdings Ltd. (“Saltire”), a Canadian public company that allocates capital to equity, debt and/or hybrid securities of high-quality private companies, among others.
Current wording
The Company’s merchant banking group provides advisory services, facilitates capital formation and allocates capital to equity holdings. In our SPAC Platform, this also includes launching, sponsoring and providing strategic, administrative, and regulatory support services to newly formed SPACs. Our merchant banking division has facilitated the launch of several new companies, including FG Communities, Inc. (“FG Communities”), a self-managed real estate company focused on a growing portfolio of manufactured housing communities that are owned and operated by FG Communities, Craveworthy LLC (“Craveworthy”), an innovative fast casual restaurant platform company, and Saltire Holdings Ltd. (“Saltire”), a Canadian public company that allocates capital to equity, debt and/or hybrid securities of high-quality private companies, among others.
Previous wording
Potential Business Combination with FG Communities, Inc.
Current wording
Potential Business Combination with FG Communities
Previous wording
In April 2026, we announced that our Board of Directors (the “Board”) was reviewing potential strategic alternatives to enhance long-term stockholder value and further our strategic objectives. As part of this review, the Board discussed a potential business combination transaction with FG Communities, Inc. (“FG Communities”) (the “Potential Transaction”) to advance our strategy to become a leader in the tokenization of real-world assets. The Board has established a special committee composed solely of independent directors (the “Special Committee”) to evaluate the Potential Transaction or other strategic alternatives. The Special Committee has retained an independent financial advisor to provide a fairness opinion for the Potential Transaction and to assist in the Board’s evaluation and negotiation of the Potential Transaction.
Current wording
In April 2026, we announced that our Board was reviewing potential strategic alternatives to enhance long-term stockholder value and further our strategic objectives. As part of this review, the Board discussed a potential business combination transaction with FG Communities (the “Potential Transaction”) to establish a durable, income-producing real estate business that addresses critical housing needs. The Board has established a special committee composed solely of independent directors (the “Special Committee”) to evaluate the Potential Transaction or other strategic alternatives. The Special Committee is continuing to evaluate potential transactions and has retained an independent financial advisor to provide a fairness opinion for the Potential Transaction and to assist in the Board’s evaluation and negotiation of the Potential Transaction. In June 2026, the Board also authorized management to reallocate capital to real estate acquisitions in connection with our exit from the digital asset business. We intend to advance our strategy to build a leading platform for tangible assets and believe that the establishment of an in-house real estate division, along with the Potential Transaction with FG Communities would accelerate a strategic expansion into income-producing affordable housing, providing a durable foundation for long-term growth and scalable capital formation.
Previous wording
We believe this strategy would better align our digital asset platform with a durable, income-producing real estate business that addresses critical housing needs. If the Potential Transaction is completed, we expect it would have a material impact on our future business operations, risks and opportunities, as well as our overall financial position, results of operations, segment and other financial reporting in future periods. The Board’s discussions with respect to the Potential Transaction are preliminary in nature and no decisions or agreements have been reached. There can be no assurance that the Potential Transaction will be pursued or consummated.
Current wording
If the Potential Transaction is completed, we expect it would have a material impact on our future business operations, risks and opportunities, as well as our overall financial position, results of operations, segment and other financial reporting in future periods. The Board’s discussions with respect to the Potential Transaction are preliminary in nature and no decisions or agreements have been reached. There can be no assurance that the Potential Transaction will ultimately be pursued or consummated.
Previous wording
In October 2025, we signed a non-binding letter of intent to sell our Quebec property for $15.0 million CAD, or approximately $11.0 million USD. Following repayment of the existing installment loan, the transaction is expected to generate approximately $8.0-$9.0 million USD in net pretax proceeds. The letter of intent does not constitute a binding agreement, and there can be no assurance that a definitive sale agreement will be reached or that the transaction will be completed. The transaction, if completed, is expected to close during the second quarter of 2026, subject to the execution of definitive agreements, completion of due diligence, and satisfaction of customary closing conditions.
Current wording
In October 2025, we signed a non-binding letter of intent to sell our Quebec property for $15.0 million CAD, or approximately $11.0 million USD. The letter of intent does not constitute a binding agreement. As of June 30, 2026, we do not believe closing of a sale transaction under the previous letter of intent to be probable. We continue to hold the real estate as part of our ongoing real estate operations and the property is classified as held and used.
Previous wording
Revenue of $0.2 million during the first quarter of 2026 included $0.1 million of merchant banking advisory fees and $0.1 million of rental income. We did not generate any revenue from ETH native staking activities during the first quarter of 2026. Total revenue during the first quarter of 2025 also consisted of $0.1 million of merchant banking advisory fees and $0.1 million of rental income.
Current wording
Revenue of $0.2 million during the three months ended June 30, 2026 included $0.1 million of merchant banking advisory fees and $0.1 million of rental income. Total revenue during the three months ended June 30, 2025 also consisted of $0.1 million of merchant banking advisory fees and $0.1 million of rental income.
Previous wording
The first quarter of 2026 included an equity method gain on the shares of Saltire of $32 thousand, as compared to a $1.5 million equity method loss on the shares of Saltire in the first quarter of 2025. The remainder of the net loss on equity holdings and other holdings during the first quarter of 2025 related to holdings distributed to the CVR Trust in August 2025.
Current wording
The three months ended June 30, 2026 included an equity method loss on the shares of Saltire of $9.7 million, which included an other-than-temporary write down of the carrying value of $11.2 million, as compared to a $3.6 million equity method gain on the shares of Saltire in three months ended June 30, 2025. The remainder of the net loss on equity holdings and other holdings during the three months ended June 30, 2026 included a $0.6 million gain related to our USFM cost method equity holding, which was offset by a $0.5 million unrealized loss on our fair value method equity holding due to a change in the quoted market price of FG Merger II Corp. The remainder of the net loss on equity holdings and other holdings during the three months ended June 30, 2025 related to holdings distributed to the CVR Trust in August 2025.
Previous wording
The purpose of liquidity management is to ensure that there is sufficient cash to meet all financial commitments and obligations as they fall due. The liquidity requirements of the Company and its subsidiaries have been met primarily by funds generated from operations, proceeds from capital raises, sales of ETH digital assets and certain equity holdings and credit facilities. Our ETH and other digital assets are not subject to any trading restrictions and are not pledged as collateral. We believe our ETH and other digital assets are readily convertible into cash, and we may convert ETH and other digital assets to cash periodically to fund operations.
Current wording
The purpose of liquidity management is to ensure that there is sufficient cash to meet all financial commitments and obligations as they become due. The liquidity requirements of the Company and its subsidiaries have been met primarily by funds generated from operations, proceeds from capital raises, sales of ETH digital assets and certain equity holdings and credit facilities.
Previous wording
The following table summarizes the Company’s consolidated cash flows for the three months ended March 31, 2026 and 2025 (in thousands).
Current wording
The following table summarizes the Company’s consolidated cash flows for the six months ended June 30, 2026 and 2025 (in thousands).
Previous wording
For the first quarter of 2026, net cash used in operating activities from continuing operations was approximately $6.2 million compared to $2.4 million for the first quarter of 2025. Cash used in operations increased during the first quarter of 2026 as a result of higher operating expenses as well as an increase in working capital uses.
Current wording
For the first half of 2026, net cash used in operating activities from continuing operations was approximately $9.3 million compared to cash provided by operating activities from continuing operations of $2.0 million for the first half of 2025. Cash used in operations increased during the first half of 2026 as a result of higher operating expenses as well as an increase in working capital uses.
Previous wording
For the first quarter of 2026, net cash provided by investing activities from continuing operations was approximately $21.7 million, compared to $1.5 million during the first quarter of 2025. Cash provided by investing activities during the first quarter of 2026 primarily included $22.0 million of ETH sales and $0.2 million repayment of a note receivable, partially offset by $0.5 million outflow from purchase of equity holdings. Cash provided by investing activities during the first quarter of 2025 included $1.8 million of proceeds from the sale of equity securities, partially offset by $0.3 million of purchases of equity securities.
Current wording
For the first half of 2026, net cash provided by investing activities from continuing operations was approximately $45.1 million, compared to $3.5 million during the first half of 2025. Cash provided by investing activities during the first half of 2026 primarily included $61.0 million of ETH sales and $0.2 million repayment of a note receivable, partially offset by $15.7 million outflow from purchase of equity holdings. Cash provided by investing activities during the first half of 2025 included $3.6 million of proceeds from the sale of equity securities and $0.1 million repayment of a note receivable, partially offset by $0.3 million of purchases of equity securities.
Previous wording
For the first quarter of 2026, net cash used in financing activities from continuing operations was approximately $14.4 million compared to $0.6 million during the first quarter of 2025. Cash used in financing activities during the first quarter of 2026 included $14.0 million of purchases under our common and preferred share buyback programs, $28 thousand of principal payments on debt, $0.4 million of payments of dividends on our Series A Preferred Shares. Cash used in financing activities during the first quarter of 2025 primarily included $0.1 million of principal payments on debt and $0.4 million of payments of dividends on our Series A Preferred Shares.
Current wording
For the first half of 2026, net cash used in financing activities from continuing operations was approximately $22.8 million compared to $1.4 million during the first half of 2025. Cash used in financing activities during the first half of 2026 included $22.0 million of purchases under our common and preferred share buyback programs, and $0.1 million of principal payments on debt, $0.7 million of payments of dividends on our Series A Preferred Shares. Cash used in financing activities during the first half of 2025 primarily included $0.2 million of principal payments on debt, $0.3 million of withholding taxes paid related to the net settlement of the vesting of RSUs and $0.9 million of payments of dividends on our Series A Preferred Shares.