FG Nexus, a publicly traded Ethereum vault and infrastructure company, liquidated another portion of its Ether vault on Tuesday, offloading 7,550 ETH worth approximately $14 million.
The latest sale adds to a series of sales that resulted in losses of more than $80 million in positions built near Ether’s (ETH) 2025 highs.
Onchain data from Arkham shows that between August and September 2025, the company raised 50,770 ETH worth approximately $196 million, at an average price of $3,860 per coin.
On October 22, the company doubled its ETH accumulation strategy, announcing intends to sell his property in Quebec to accumulate more ETH.
As the market turned around and the price of ETH dropped from October highs of over $4,600 per coin to around $2,700 in November, the company began selling.
FG Nexus sold just over 21,000 ETH for approximately $55 million and recorded a loss of over $80 million.
The company also saw the FGNX share price drop by approximately 52% in the last month.
According to Arkham FG, Nexus remains one of the largest listed ETH holders, holding 37,594 ETH.
ETH treasury companies under fire
FG Nexus is not alone in the pain of the Ether market downturn, which has left many enormous corporate treasuries deeply underwater.
Bitmine Immersion Technologies, by far the largest publicly traded ETH holder with 4,422,659 ETH on its books, is suffering paper losses estimated at around $8.8 billion as Ether is trading well below its average purchase price even as the company continues to expand its inventory.
Related: ETHZilla liquidates $74.5 million in Ether to repay convertible debt
Peter Thiel’s founding fund completely exited its holdings in Ethereum treasury firm ETHZilla last week, and ETHZilla shares are now down approximately 97% from an all-time high as stock markets punish aggressive ether-based strategies while other companies are actively expanding.
Trend Research spent February cutting its Ether position on Binance, selling 651,757 ETH for approximately $1.34 billion on February 8 and closing with an estimated realized loss of approximately $747 million.
Bitcoin vault game feels balmy
The cryptocurrency burden is not circumscribed to Ether. On Friday, Bitcoin (BTC) treasury company Metaplanet came under fire from shareholders who accused the company of hiding losses and details of Bitcoin bets.
Despite continued BTC purchases throughout February, on Wednesday, Goldman Sachs data showed that the largest publicly traded BTC holder, Strategy, became the most low position in U.S. large-cap stocks as hedge funds turned bearish on Saylor’s highly leveraged, Bitcoin-centric balance sheet model.
Warehouse: The “biggest catalyst for a Bitcoin bull run” would be the liquidation of Saylor, the founder of Santiment
