Nasdaq-listed Ethereum treasury firm continues cutting exposure despite price recovery skepticism

FG Nexus transferred 10,000 ETH from its treasury wallet on Wednesday, the latest in a series of sales that has pushed the Nasdaq-listed firm’s realized and paper losses above $100 million, according to onchain data tagged by Arkham.

The transfer, valued at $17.8 million at current prices, follows a pattern of disposals that accelerated after FG Nexus accumulated a large position between August and September 2025. The company built that stake at an average price of $3,860 per ETH, worth approximately $196 million at the time of purchase. Ether now trades at $1,765, representing a 54% decline from FG Nexus’s entry price.

FG Nexus has now unwound 21,000 ETH from its treasury in earlier disposals, generating $55 million in proceeds. Combined with the latest 10,000 ETH transfer, the company has liquidated roughly 31,000 of the 50,770 ETH it accumulated in 2025. The company disclosed holdings of roughly 40,093 ETH in December 2025 but has not publicly commented on its Ether sales strategy since those disclosures.

The selling pressure coincided with a sharp drop in FG Nexus’s stock price. Pre-market Thursday, the company’s shares fell 13.40% to $7.11, compared to Wednesday’s close of $8.21.

FG Nexus’s liquidation strategy contrasts sharply with other corporate Ether holders. BitMine, the largest publicly traded holder of Ether with more than 5.4 million ETH, has continued adding to its position despite Ethereum’s price decline. The miner recently purchased $52 million worth of additional ETH.

Standard Chartered reaffirmed its long-term Ether price target of $40,000 last week, citing strengthening network fundamentals, growing onchain activity, and continued dominance in decentralized finance. At that target, FG Nexus’s remaining ETH holdings would be worth substantially more than their current value, though the firm has not signaled any change to its selling strategy.

The company has not responded to requests for comment on its treasury management decisions or the rationale behind its ongoing disposals.