FG Nexus liquidates 7,550 Ether in fresh treasury sale as heavy crypto losses deepen across United States public markets

It’s been a rough few months for crypto treasury companies, and FG Nexus is feeling it in real time.

The publicly listed Ethereum treasury and infrastructure firm has just offloaded another 7,550 Ether, cashing out roughly $14 million worth of ETH on Tuesday.

On paper, that might sound like routine portfolio management.

But zoom out a little, and the bigger picture looks far more painful.

A Bet Made Near the Top

According to on-chain tracking platform Arkham, FG Nexus built most of its Ethereum position during the late-summer rally of 2025.

Between August and September, the company accumulated 50,770 ETH at an average price of about $3,860 per coin — a total investment of roughly $196 million.

At the time, Ethereum was flying high. Sentiment was bullish, institutions were piling in, and corporate treasury plays were being marketed as the next evolution of crypto adoption — similar to what companies like Strategy once did for Bitcoin.

Then in October, as ETH pushed past $4,600, FG Nexus doubled down.

On October 22, management even announced plans to sell a Quebec property to buy more Ether. It wasn’t hedging — it was conviction.

The Market Turns Fast

Crypto markets, as always, had other plans.

By November, Ethereum had dropped sharply to around $2,700.

What had looked like strategic accumulation suddenly turned into a deeply underwater position.

That’s when the selling began.

So far, FG Nexus has offloaded just over 21,000 ETH for around $55 million.

The realized damage is severe — more than $80 million in losses locked in.

The latest 7,550 ETH sale adds to that running total.

The company still holds 37,594 ETH, making it one of the largest publicly traded Ether holders, but the balance sheet is no longer the showpiece it once was.

Investors Are Feeling It Too

The pain isn’t limited to the crypto wallet.

FG Nexus shares, trading under the ticker FGNX, have dropped roughly 52% over the past month.

Investors clearly aren’t thrilled about a treasury strategy that loaded up near cycle highs and then had to unwind into weakness.

Corporate crypto treasuries tend to amplify volatility.

When the asset rises, shareholders celebrate.

When it falls, equity markets punish the company twice — once for the asset decline and again for risk management decisions.

Ethereum Treasury Firms Under Pressure

FG Nexus is hardly alone.

The broader Ethereum treasury experiment is facing intense scrutiny.

Companies that leaned heavily into ETH during its rally are now sitting on steep paper losses.

Bitmine Immersion Technologies, currently the largest publicly listed ETH holder with more than 4.4 million ETH on its books, is estimated to be sitting on billions in unrealized losses as Ether trades well below its average acquisition price.

Despite that, the firm continues adding to its holdings — a move some see as bold, others as reckless.

Meanwhile, Ethereum-focused treasury firm ETHZilla has been hammered.

Its stock is down roughly 97% from its all-time high after investors fled aggressive ETH-heavy strategies.

Even Peter Thiel’s Founders Fund exited its stake entirely last week, signaling that institutional patience may be thinning.

Trend Research also slashed its Ether position in February, selling over 651,000 ETH on Binance and reportedly locking in hundreds of millions in realized losses.

The message from equity markets has been blunt — enthusiasm for leveraged Ethereum exposure has cooled significantly.

Bitcoin Treasury Plays Aren’t Immune Either

It’s not just Ethereum.

Bitcoin treasury companies are also under the microscope.

Metaplanet recently faced shareholder criticism over transparency around its Bitcoin bets.

And Strategy, long considered the poster child for corporate crypto accumulation, has reportedly become one of the most shorted large-cap US stocks as hedge funds grow skeptical of heavily leveraged crypto balance sheets.

The era when simply buying crypto could send a stock soaring appears to be fading.

Now, investors want risk controls, cash flow visibility and disciplined capital allocation.

Why This Matters

Corporate crypto treasuries are essentially leveraged bets wrapped in public equities.

They magnify upside during bull runs but expose shareholders to brutal downside when markets correct.

FG Nexus’s situation is a case study in timing risk.

Accumulating tens of thousands of ETH near multi-year highs left little margin for error.

Once momentum reversed, losses piled up quickly.

The company still holds a significant Ethereum position, meaning its fate remains closely tied to ETH’s price action.

If Ethereum rebounds strongly, some of those paper losses could narrow. If not, pressure may continue.

What’s Next

All eyes are now on how FG Nexus adjusts its strategy.

Will it continue trimming its holdings to stabilize the balance sheet, or hold firm and wait for a recovery?

Investors will likely demand clearer communication about capital allocation plans, liquidity management and future exposure limits.

The broader Ethereum treasury sector may also face calls for more conservative risk frameworks.

For Ethereum itself, corporate unwinding can create short-term selling pressure, but it also shakes out overextended positions — something markets often need before stabilizing.

In the coming months, much will depend on macro conditions, institutional demand for ETH and whether confidence in crypto treasury models can recover.

Summary

FG Nexus has sold another 7,550 ETH worth about $14 million, adding to more than $80 million in realized losses after building its Ethereum position near 2025 highs.

The company has already offloaded over 21,000 ETH and seen its share price fall around 52% in a month.

The downturn is part of a wider shakeout across Ethereum and Bitcoin treasury companies, many of which are facing investor backlash and steep paper losses.

With 37,594 ETH still on its books, FG Nexus remains heavily exposed — and its next move could determine whether this becomes a temporary setback or a longer-term crisis.