Measured in fiat money, the firm reports losses of more than USD 55 million.
Ether (ETH) is trading below $1,800.
FG Nexus, a Nasdaq-listed company that had adopted a corporate strategy based on the accumulation of ether (ETH), transferred 10,000 units of this asset on June 3, 2026 to an address associated with Galaxy Digital.
This movement, along with other similar ones, is interpreted as a possible sale, although the company did not publicly confirm the reason for the transfer.
According to on-chain data collected According to Arkham Intelligence, the movement exceeds $18 million, with ETH trading around $1,772.
The operation adds to a reduction of positions that began months ago. According to on-chain estimates, FG Nexus sold 36,025 ETH at an average price of $2,330 per unit, after having accumulated 50,770 ETH between August and September 2025 at an average price of $3,860.
As reported by CriptoNoticias, the company began to dispose of its ETH holdings on October 23. On that occasion, these funds were used to repurchase shares.
If these values are taken as a reference, The realized loss associated with the 36,025 ETH sold would be around $55 million. Some estimates raise the figure above 85 million, although that calculation cannot be verified with available data alone and could incorporate unrealized losses on holdings that the company still maintains.
Furthermore, public records show certain inconsistencies between the volume sold and the balances reported by different sources, so the figures should be interpreted with caution.
What the data does show is that FG Nexus significantly reduced its exposure to the Ethereum cryptocurrency from the highs reached in 2025.
The reports of the company showed holdings of approximately 40,093 ETH in December 2025. However, recent activity observed in the wallet suggests that that balance would have continued to decline.
In fact, Arkham Intelligence currently shows a balance close to 3,375 ETH at the monitored address. In that wallet it is not observed that FG Nexus has managed to concentrate the 50,770 ETH reported as total holdings, so it is possible that part of the funds have been distributed in other addresses or under custody schemes.
This difference forces the data to be taken with caution: it is not clear if all FG Nexus holdings are concentrated in that same wallet, if part of the funds were moved into custody or if recent transfers respond to effective sales. Until now, The company did not publicly comment on the purpose of those moves.
A model that generates concern
The sales of the firm FG Nexus deepen a question in the market: to what extent companies can sustain treasury strategies based on digital assets during prolonged periods of price weakness.
In the last year, several companies adopted Strategy-inspired models, accumulating bitcoin (BTC) or ether as reserve assets, with the expectation of benefiting from their long-term appreciation.
However, when prices remain depressed for long periods, Losses can be transferred to corporate balance sheets and increase pressure on these companies’ shares.
FG Nexus is not the only recent case that fuels that debate. Last week, Strategy sold 32 BTC to meet financial commitments associated with its financing instruments.
Although the operation represented a minimal fraction of its reserves, it was interpreted by the market as a relevant signal. The thing is if a company with Strategy’s financial scale, access to capital and financing capacity had to sell part of its holdings to meet financial commitments, what margin does a smaller firm have.
It remains to be seen whether these are isolated decisions or a broader sign that some corporate digital asset treasuries are beginning to face limits in a prolonged bear market.