FG Nexus offloaded 7,550 ETH worth roughly $14 million on Tuesday, extending a series of sales that have pushed realised losses on its Ether treasury strategy beyond $80 million.
Onchain data from Arkham shows the company accumulated 50,770 ETH worth about $196 million between August and September 2025 at an average price of $3,860, before doubling down in October as prices approached cycle highs.
As Ether slid from above $4,600 in October to around $2,700 in November, the firm began liquidating holdings, ultimately selling just over 21,000 ETH for approximately $55 million at a substantial loss.
FG Nexus remains one of the largest publicly traded Ether holders with 37,594 ETH still on its books, even as its FGNX share price has fallen about 52% over the past month.
The pressure is not isolated, with Bitmine Immersion Technologies, the largest listed ETH holder at more than 4.4 million ETH, facing multibillion-dollar paper losses as prices remain well below average acquisition levels.
Peter Thiel’s Founders Fund recently exited its position in Ethereum treasury firm ETHZilla, whose shares are down roughly 97% from their all-time high, while Trend Research sold 651,757 ETH in February for about $1.34 billion, locking in an estimated $747 million loss.
Crypto treasury strategies more broadly are under scrutiny, with Bitcoin-focused firms such as Strategy attracting heavy short interest as investors question the sustainability of leveraged digital asset balance sheet models.
At the time of reporting, Ethereum price was $2,052.91.