FG Nexus Dumps Additional $14M Worth of Ether Amid Growing Treasury Losses
In another round of liquidations, FG Nexus has offloaded $14 million worth of Ether from its company reserves, compounding total losses exceeding $80 million while Ethereum-based corporate holdings face escalating market challenges.
On Tuesday, FG Nexus, a publicly traded company focused on Ethereum treasury holdings and infrastructure, disposed of yet another portion of its Ether reserves, selling 7,550 ETH valued at approximately $14 million.
This most recent transaction continues a pattern of sell-offs that have crystallized losses exceeding $80 million on holdings that were acquired when Ether (ETH) was trading near its 2025 peak prices.
According to blockchain analytics from Arkham, the company amassed a position of 50,770 ETH valued at approximately $196 million during the August through September 2025 timeframe, with an average purchase price of $3,860 per token.
The company reaffirmed its commitment to its ETH acquisition approach on Oct. 22, revealing plans to divest its Quebec real estate holdings in order to purchase additional ETH.
When market conditions shifted and ETH's value declined from its October peak above $4,600 per token down to approximately $2,700 by November, the firm initiated its selling activity.
To date, FG Nexus has disposed of slightly more than 21,000 ETH for proceeds totaling roughly $55 million, resulting in a realized loss surpassing $80 million.
Additionally, the firm's stock price for FGNX has experienced a decline of approximately 52% during the most recent month.
Despite these sales, FG Nexus continues to rank among the largest publicly listed ETH holders, maintaining a position of 37,594 ETH, based on data from Arkham.
ETH treasury companies under fire
The challenges confronting FG Nexus are not unique, as numerous large corporate treasuries find themselves severely underwater following an Ether market downturn.
The largest publicly listed ETH holder by a significant margin, Bitmine Immersion Technologies, which holds 4,422,659 ETH in its reserves, faces unrealized losses estimated at approximately $8.8 billion as Ether continues trading substantially below the company's average purchase price, despite ongoing additions to its holdings.
Last week witnessed Peter Thiel's Founders Fund completely divesting its position in Ethereum treasury company ETHZilla, whose shares have plummeted roughly 97% from peak levels, reflecting how equity markets are penalizing aggressive Ether-concentrated approaches, while several other firms actively reverse course.
Throughout February, Trend Research aggressively reduced its Ether holdings via Binance, liquidating 651,757 ETH for approximately $1.34 billion on Feb. 8, crystallizing an estimated realized loss totaling around $747 million.
Bitcoin treasury plays feel the heat
The pressure facing cryptocurrency treasury strategies extends beyond Ethereum alone. On Feb. 20, Metaplanet, a Bitcoin (BTC) treasury firm, faced shareholder criticism accusing the organization of concealing losses and critical information regarding its Bitcoin investment strategy.
Even while continuing BTC acquisitions during February, Strategy, the largest publicly listed holder of BTC, on Wednesday became the most-shorted large-cap US equity based on Goldman Sachs data, as hedge funds adopted bearish positions on Saylor's highly leveraged, Bitcoin-focused balance sheet approach.