FG Nexus, a Nasdaq-listed firm that positioned itself as a corporate Ethereum treasury, has sold another 7,550 ETH worth approximately $14.06 million, deepening its total realized and unrealized losses to nearly $83 million. The sale, identified via on-chain data from Lookonchain on February 25, 2026, continues a strategic reversal that began late last year, moving away from its initial high-conviction accumulation strategy.
The firm's ambitious entry into the Ethereum treasury space occurred in August and September 2025, when it aggressively purchased 50,770 ETH for about $196 million at an average price of $3,860 per coin. At the time, FG Nexus promoted a vision of bridging Ethereum with Wall Street capital, framing ETH as a long-term reserve asset and highlighting staking yields and tokenization opportunities.
However, the strategy shifted abruptly. In late October 2025, the company announced plans to sell assets, including a Quebec property valued at around $10 million, to fund additional ETH purchases and share buybacks. Contrary to that announcement, the firm began trimming its holdings shortly thereafter. Prior to the latest sale, FG Nexus had already sold approximately 21,025 ETH at an average price near $2,649, generating roughly $55.7 million.
Following the latest transaction, the company still holds about 30,094 ETH, currently valued at $57.5 million. With ETH trading significantly below its $3,860 average cost basis, the firm is facing combined losses of roughly $82.8 to $83 million. The episode underscores the heightened volatility risks for companies adopting aggressive crypto treasury strategies, particularly with assets like Ethereum compared to more established corporate Bitcoin models. FG Nexus has not issued a detailed public explanation for its recent on-chain activity.
