- FG Nexus sold 7,550 ETH, locking in $80M+ losses as Ether prices plunged from 2025 highs.
- Big crypto holders like Bitmine and ETHZilla face massive losses, highlighting treasury risks.
- Strategy and Metaplanet show Bitcoin treasuries aren’t immune, as hedge funds bet against them.
FG Nexus, a publicly traded Ethereum treasury and infrastructure firm, triggered alarm in crypto markets on Tuesday after offloading 7,550 ETH, worth roughly $14 million. The sale marks the latest in a series of disposals that have locked in over $80 million in losses, reflecting the company’s exposure near Ether’s 2025 highs.
According to Arkham’s on-chain data, FG Nexus accumulated 50,770 ETH, valued at about $196 million, between August and September 2025, paying an average of $3,860 per coin.
The company’s strategy initially escalated on October 22, when FG Nexus announced plans to sell its Quebec property to double down on ETH accumulation. However, as Ether prices slid from October highs above $4,600 to roughly $2,700 in November, the firm pivoted to liquidating assets.
To date, FG Nexus has sold just over 21,000 ETH for approximately $55 million, cementing net losses above $80 million. The market has also punished its equity; FGNX shares plunged nearly 52% over the last month. Despite the decline, FG Nexus retains 37,594 ETH, keeping it among the largest publicly traded Ethereum holders.
Broader Market Strains on Crypto Treasuries
FG Nexus isn’t alone in feeling Ether’s downturn. Bitmine Immersion Technologies holds 4,422,659 ETH, but it faces paper losses nearing $8.8 billion, even as it continues acquisitions.
Similarly, Peter Thiel’s Founders Fund fully exited Ethereum treasury firm ETHZilla last week, with its stock down roughly 97% from its peak. Moreover, Trend Research reduced its Ether holdings drastically, selling 651,757 ETH for $1.34 billion on February 8 and realizing about $747 million in losses.
The pressure extends beyond Ethereum. Bitcoin treasury firm Metaplanet faced shareholder criticism for allegedly hiding losses. Meanwhile, Strategy, the largest listed BTC owner in the U.S., became the most-shorted large-cap stock as hedge funds bet against its leveraged Bitcoin-focused model.
