FG Nexus Sells $14 Million of Ether as Corporate Crypto Treasuries Feel the Pressure
Toronto, Feb 20 2026 – Publicly listed Ethereum‑focused investment firm FG Nexus (FGNX) announced on Tuesday that it has liquidated an additional 7,550 ETH, valued at roughly $14 million at current market prices. The transaction is the latest in a series of disposals that have already locked in more than $80 million of unrealised losses on a position that was built near the peak of Ether’s 2025 rally.
A recap of FG Nexus’s ETH strategy
- Accumulation phase (Aug‑Sep 2025): On‑chain analytics from Arkham show the company acquired 50,770 ETH for an estimated $196 million, at an average cost of about $3,860 per coin.
- October‑mid‑2025 expansion: On 22 Oct 2025 the firm disclosed a plan to sell a Quebec real‑estate asset in order to funnel additional capital into Ether, signalling confidence in the cryptocurrency’s upside.
- Market reversal: Ether’s price slumped from an October high above $4,600 to roughly $2,700 by early November 2025. The decline prompted FG Nexus to begin a measured sell‑down.
To date, the company has off‑loaded just over 21,000 ETH for about $55 million, resulting in a paper loss exceeding $80 million. The share price of FGNX has mirrored the treasury’s performance, falling about 52 % over the last month. Despite the drawdowns, FG Nexus remains one of the largest publicly traded ETH holders, with an estimated 37,594 ETH still on its balance sheet.
Why corporate Ethereum treasuries are under stress
FG Nexus’s experience is echoing across the broader ecosystem of publicly listed crypto‑focused companies:
| Company | ETH Holdings | Approx. Paper Loss | Recent Action |
|---|---|---|---|
| Bitmine Immersion Technologies | 4,422,659 ETH | ~$8.8 billion | Continues to add to its stash despite the loss |
| ETHZilla | – | – | Liquidated $74.5 million of Ether to meet convertible‑debt obligations |
| Founders Fund | – | – | Fully exited its stake in ETHZilla last week |
| Trend Research | 651,757 ETH sold on Binance | ~$747 million realized loss | Sold the majority of its position on Feb 8 |
The common thread is a sharp correction in Ether’s price that left companies that bought near the 2025 high deeply underwater. Many have responded by trimming exposure, selling real‑estate or other non‑core assets, or, in the case of ETHZilla, using Ether proceeds to service debt.
Bitcoin‑focused treasuries also feel the heat
The pressure is not limited to Ethereum. Bitcoin‑centric firms are seeing heightened scrutiny and market volatility:
- Metaplanet faced shareholder allegations in mid‑February that the firm had concealed losses on its Bitcoin holdings.
- Strategy – the largest listed BTC holder – became the most‑shorted large‑cap U.S. stock according to Goldman Sachs data, as hedge funds doubt the sustainability of highly leveraged, Bitcoin‑heavy balance sheets.
These developments suggest that the broader “crypto‑treasury” model – where public companies hold sizable balances of a single digital asset – is being re‑evaluated by both investors and regulators.
Analysis
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Liquidity‑first mindset: FG Nexus’s recent ETH sales appear driven by a desire to preserve cash and protect shareholder value amidst a prolonged price downturn. The decision to convert a portion of its treasury into fiat also mitigates exposure to further Ether volatility.
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Asset diversification pressure: Companies that have built large single‑asset positions are now confronting the risk of concentration. The market’s reaction – steep equity price declines and heightened activist scrutiny – may push firms toward more diversified treasury strategies.
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Valuation correction: The 52 % slide in FG Nexus’s stock price underscores how closely market sentiment is tied to the performance of underlying crypto assets. Investors are rewarding firms that demonstrate disciplined risk management and penalising those that appear over‑exposed.
- Potential regulatory focus: As public companies report substantial unrealised losses, regulators may increase oversight of disclosure practices surrounding crypto holdings, especially where asset‑price swings could materially affect financial statements.
Key Takeaways
- FG Nexus has sold 7,550 ETH (~$14 M), adding to a cumulative loss of over $80 M on its Ether position.
- The firm’s share price has fallen roughly half in the past month, reflecting investor concerns over its concentrated ETH exposure.
- Other publicly listed crypto‑treasury firms—both Ethereum and Bitcoin‑focused—are also trimming positions or facing shareholder pressure, highlighting a sector‑wide reassessment of high‑convexity strategies.
- Future outlook may favor firms that diversify holdings, improve liquidity buffers, and enhance transparency around crypto‑related risks.
As the cryptocurrency market continues to oscillate, corporate treasuries that rely heavily on a single digital asset will likely remain under close scrutiny from investors, analysts, and regulators alike.
Source: https://cointelegraph.com/news/fg-nexus-offloads-14m-in-eth-corporate-ethereum-treasuries?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
