FG Nexus Offloads $14M in ETH as Corporate Ethereum Treasuries in Pain

FG Nexus just dumped another $14M worth of ETH — 7,550 coins — as their Ethereum treasury bet continues to bleed. This latest sale pushes their realized losses past $80M on a position they built near ETH's 2025 highs.

On-chain data from Arkham reveals the company accumulated 50,770 ETH worth ~$196M between August-September 2025 at an average price of $3,860 per coin. They even announced plans to sell property in Quebec to buy more ETH back in October.

When ETH crashed from October highs above $4,600 to around $2,700 in November, the selling began. So far they've offloaded over 21,000 ETH for about $55M — locking in those massive losses.

Their stock (FGNX) has tanked roughly 52% over the past month. Despite the fire sale, FG Nexus still holds 37,594 ETH, making it one of the largest publicly traded ETH owners.

FG Nexus isn't alone. Bitmine Immersion Technologies — the largest listed ETH holder with 4.4M ETH — is sitting on paper losses estimated at $8.8B as ETH trades below their average buy price.

Peter Thiel's Founders Fund completely exited its stake in Ethereum treasury firm ETHZilla last week. ETHZilla's stock is down ~97% from its ATH as equity markets punish aggressive ETH-heavy strategies.

Trend Research spent February slashing its Ether position on Binance, selling 651,757 ETH for ~$1.34B on Feb. 8 and locking in an estimated realized loss of around $747M.

The pain isn't limited to ETH. Bitcoin treasury company Metaplanet faced shareholder accusations of hiding losses and details of its BTC bets last Friday.

Even Michael Saylor's Strategy — the largest listed BTC owner — became the most-shorted large-cap US stock according to Goldman Sachs data this week. Hedge funds are turning bearish on Saylor's highly leveraged, Bitcoin-centric balance sheet model.