A Surprising Development on the Ethereum Front: A Major Ethereum Bull Company Sells ETH Again! Here’s Why

While the outlook for Ethereum wasn’t very good, another piece of bad news arrived. At this point, Ethereum (ETH) treasury company FG Nexus made a large sell-off to mitigate its losses.

According to Lookonchain, FG Nexus, which is traded on Nasdaq, sold 7,550 Ethereum (ETH) worth approximately $14 million.

However, this sale is not the company’s first Ethereum sale. FG Nexus previously sold $56 million worth of Ethereum late last year. At that time, the average sale price was reportedly $2,649 per Ethereum.

While this is seen as a significant move in the cryptocurrency world, the sale has reduced FG Nexus’s Ethereum holdings to approximately 30,000. FG Nexus’s total losses are reported to have reached $82.8 million.

FG Nexus is a digital asset treasury (DAT) company that disclosed its Ethereum reserves last year. Between August and September alone, it purchased $196 million worth of Ethereum. The average purchase price was $3,860 per Ethereum.

Besides FG Nexus, ETHZilla also had to sell ETH for a share buyback.

*This is not investment advice.

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