FG Nexus, a publicly traded Ethereum treasury and infrastructure firm, triggered alarm on Tuesday after selling 7,550 ETH worth roughly $14 million. The sale locks in cumulative losses exceeding$80 million, reflecting the company's heavy exposure near Ether's 2025 highs.
Costly Accumulation Spree
According to Arkham's on-chain data, FG Nexus accumulated50,770 ETH between August and September 2025, paying an average of$3,860 per coin — a total outlay of about $196 million. The firm initially doubled down on ETH in October by announcing plans to sell its Quebec property, but as Ether tumbled from above $4,600 to around $2,700 by November, it pivoted to liquidating. To date, FG Nexus has sold over 21,000 ETH for roughly $55 million, cementing net losses above $80 million. Its stock, FGNX, plunged nearly 52% in the last month. The company still holds 37,594 ETH, making it one of the largest public Ethereum holders.
Ether Rout Sweeps Other Institutions
FG Nexus is not alone. Bitmine Immersion Technologies holds over 4.4 million ETH, facing paper losses of nearly$8.8 billion despite ongoing acquisitions. Peter Thiel's Founders Fund fully exited Ethereum treasury firm ETHZilla last week, with its stock down roughly97% from its peak. Trend Research also slashed its Ether stash, selling 651,757 ETH for $1.34 billion on February 8 and realizing about$747 million in losses.
Bitcoin Treasuries Not Immune
The pressure extends to bitcoin-focused firms. Metaplanet faced shareholder criticism for allegedly hiding losses. Meanwhile, Strategy, the largest listed BTC holder, became the most-shorted large-cap stock as hedge funds bet against its leveraged bitcoin strategy.