FG Nexus, a publicly listed Ethereum treasury and infrastructure company, liquidated another chunk of its Ether treasury on Tuesday, offloading 7,550 ETH worth roughly $14 million.

The latest sale adds to a series of disposals that have locked in more than $80 million in losses on a position built near Ether (ETH) 2025 highs. 

Onchain data from Arkham shows that the firm accumulated 50,770 ETH worth around $196 million between August and September 2025 at an average price of $3,860 per coin.

On Oct. 22, the company doubled down on its ETH accumulation strategy, announcing its intention to sell its Quebec property to accumulate more ETH.

As the market turned and the ETH price fell from its October highs of over $4,600 per coin to around $2,700 in November, the company began selling.

FG Nexus has offloaded just over 21,000 ETH for about $55 million, and netted a loss of over $80 million.

The company has also seen its share price for FGNX drop roughly 52% over the past month. 

FG Nexus remains one of the largest publicly traded owners of ETH, with holdings of 37,594 ETH, according to Arkham.

ETH treasury companies under fire

FG Nexus isn’t alone in feeling the pain from an Ether downturn that has left many large corporate treasuries deeply underwater.

Bitmine Immersion Technologies, by far the largest listed ETH holder with 4,422,659 ETH on its books, is sitting on paper losses estimated at around $8.8 billion as Ether trades well below its average acquisition price, even as the company continues to add to its stash. 

Related: ETHZilla liquidates $74.5M in Ether to redeem convertible debt

Peter Thiel’s Founders Fund exited its stake in Ethereum treasury firm ETHZilla entirely last week, with ETHZilla’s stock now down about 97% from its all‑time high, as equity markets punish aggressive Ether‑heavy strategies, with other companies actively unwinding.

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

Bitcoin treasury plays feel the heat

The strain on crypto treasury plays is not limited to Ethereum. On Feb. 20, Bitcoin (BTC) treasury company Metaplanet came under fire from shareholders, accusing the company of hiding losses and key details of its Bitcoin bets.

Despite continued BTC purchases throughout February, on Wednesday, the largest listed owner of BTC, Strategy, became the most-shorted large-cap US stock according to data from Goldman Sachs, as hedge funds turned bearish on Saylor’s highly leveraged, Bitcoin‑centric balance sheet model.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder