FG Nexus Sells 7,550 ETH as Treasury Loss Nears $83 Million

FG Nexus, a Nasdaq-listed Ethereum treasury firm, has sold another large batch of ETH as losses continue to mount. According to on-chain data shared by Lookonchain. On February 25, the company offloaded 7,550 ETH worth about $14.06 million. The latest move adds to a series of reductions that began late last year. 

Overall, the firm is now sitting on roughly $82.8-$83 million in combined realized and unrealized losses. FG Nexus had earlier positioned itself as a high-conviction Ethereum treasury play. It is similar to Bitcoin-focused corporate strategies.

Ambitious Ethereum Treasury Launch

FG Nexus entered the spotlight in August and September 2025 with an aggressive accumulation strategy. During that period, the firm bought 50,770 ETH for about $196 million. Its average purchase price stood at $3,860 per coin. At the time, the company promoted a bold vision of bridging Ethereum with Wall Street capital.

The Nasdaq listed firm framed ETH as a long-term reserve asset. It also highlighted staking yields and tokenization opportunities as part of its broader digital asset strategy. Early messaging suggested strong confidence in Ethereum long-term growth. For a short period, the market viewed FG Nexus as a potential “Ethereum version” of corporate Bitcoin treasury models.

Sudden Strategic Reversal

However, the strategy began to shift only weeks later. In late October 2025, FG Nexus announced plans to sell assets, including a Quebec property valued at around $10 million, to fund additional ETH purchases and share buybacks. Yet soon after that announcement, the company started moving in the opposite direction.

The firm began trimming its ETH holdings. Before the latest sale, FG Nexus had already offloaded about 21,025 ETH at an average price near $2,649, generating roughly $55.7 million. Several of those transfers reportedly went to major trading counterparties. The reversal surprised some observers who expected continued accumulation.

Latest Sale Deepens Losses

The transaction marks another step in the ongoing drawdown. FG Nexus sold 7,550 ETH for approximately $14.06 million. It implies prices well below its original cost basis. After the sale, the company still holds about 30,094 ETH, currently valued at $57.5 million.

Because most of its purchases occurred near the market top in 2025, the math now looks painful. With ETH trading far below the firm’s $3,860 average entry. The total losses have climbed to roughly $82.8 million. Part of that figure is realized from sales. While the rest remains unrealized in the remaining treasury.

Pressure on the Crypto Treasury Model

The situation highlights the risks facing companies that adopt aggressive crypto treasury strategies. Unlike Bitcoin focused treasuries, Ethereum positions can show sharper volatility during market downturns. As a result, firms like FG Nexus face tougher balance sheet swings.

For now, FG Nexus has not issued a detailed public explanation alongside the latest on-chain activity. The company still holds a sizable ETH reserve. But its next moves may depend heavily on Ethereum’s price direction. In the meantime, the episode serves as another reminder that corporate crypto treasuries carry upside potential and significant downside risk.

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