FG Nexus transferred another 10,000 ETH on Wednesday, extending a string of treasury reductions that has drawn fresh attention to the company’s Ethereum exposure. Onchain data tracked by Arkham valued the latest move at about $17.8 million.
The transfer came after earlier disposals in which the Nasdaq-listed company moved more than 21,000 ETH out of its treasury. Those prior sales brought in roughly $55 million. FG Nexus has not publicly explained the purpose of the latest transfers, and recent company statements have not addressed the Ethereum movements flagged by blockchain analytics platforms.
Average entry price remains far above the market
FG Nexus built its Ethereum position between August and September 2025, acquiring 50,770 ETH at an average purchase price of $3,860 per coin. The company spent nearly $196 million during that period, when institutional interest in Ethereum treasury strategies was gaining traction.
That entry point now looks deeply underwater. CoinGecko data showed ETH trading near $1,765 at the time of writing, leaving the token about 54% below FG Nexus’ average purchase price. At current levels, the company’s original Ethereum investment is worth more than $100 million less than its acquisition value.
Wallet activity points to a smaller balance
Arkham has identified several transactions tied to FG Nexus over recent months. Company disclosures showed holdings of about 40,093 ETH in December 2025, but more recent wallet activity suggests that balance has continued to fall. The chain shows movement clearly; the company has offered no matching public explanation.
Equity investors reacted quickly. FG Nexus shares fell 13.40% in pre-market trading on Thursday to $7.11, after closing the previous session at $8.21. The drop followed the latest treasury movement as the market weighed continued selling against Ethereum’s weak price performance.
Other public firms are still adding Ether
FG Nexus is moving against the direction taken by some other institutional holders. BitMine, described as the largest publicly traded holder of Ether, recently bought about $52 million worth of ETH. The company also announced plans to issue dividend-paying preferred shares to support its Ethereum treasury strategy.
Some analysts remain constructive on Ethereum over a longer horizon. Standard Chartered recently reaffirmed its long-term $40,000 Ether target and pointed to improving network fundamentals, rising onchain activity, and Ethereum’s continued dominance in DeFi markets. FG Nexus, though, is showing a different posture through its wallet activity: less Ether, not more.