Ethereum-focused balance sheets are facing increasing market pressure, and FG Nexus has sold an additional $14 million in Ether from its corporate treasury, resulting in losses exceeding $80 million.
On Tuesday, FG Nexus, a publicly traded Ethereum treasury and infrastructure company, sold off another part of its Ether treasury. It sold 7,550 ETH for almost $14 million.
The most recent sell is part of a string of sales that have locked in losses of more than $80 million on a position formed at Ether (ETH) $1,951 2025 highs.
Arkham’s on-chain data shows that the company bought 50,770 ETH for over $196 million between August and September 2025, at an average price of $3,860 per coin.
On October 22, the firm doubled down on its plan to buy more ETH by saying it will sell its property in Quebec to do so.
The company started selling when the market changed and the price of ETH dropped from above $4,600 per token in October to roughly $2,700 in November.
Source: Arkham
Ether treasury corporations face structural stress
FG Nexus has sold slightly over 21,000 ETH for roughly $55 million, yet they lost more over $80 million.
The company’s stock price for FGNX has likewise dropped over 52% in the last month.
Arkham says that FG Nexus is still one of the biggest publicly traded owners of ETH, with 37,594 ETH in its portfolio.
A lot of big corporate treasuries are in a lot of trouble because of the drop in Ether prices. FG Nexus is not the only one who is hurting.
Bitmine Immersion Technologies, which has 4,422,659 ETH on its books, is the biggest listed ETH holder. It is sitting on paper losses of around $8.8 billion since Ether is trading considerably below its average acquisition price, even though the company is still adding to its hoard.
Peter Thiel’s Founders Fund sold all of its shares in Ethereum treasury firm ETHZilla last week. ETHZilla’s stock is currently down nearly 97% from its all-time high. This is because equity markets are punishing companies that use a lot of Ether in their strategy, while other companies are actively unwinding.
Trend Research sold 651,757 ETH on Binance for around $1.34 billion on February 8. This locked in an estimated realised loss of about $747 million.
Bitcoin treasury models also under scrutiny
Ethereum is not the only cryptocurrency that is under a lot of stress. On February 20, shareholders of the Bitcoin BTC$66,029 treasury company Metaplanet attacked the corporation, saying it was withholding losses and important information about its Bitcoin bets.
Even while people kept buying BTC in February, on Wednesday, Strategy, the biggest publicly traded owner of BTC, became the most shorted large-cap US stock, according to data from Goldman Sachs. This was because hedge funds were turning sour on Saylor’s highly leveraged, Bitcoin-centric balance sheet model.