A wallet linked to FG Nexus, a publicly listed Ethereum treasury company trading on Nasdaq, moved another 10,000 ETH on Wednesday — worth approximately $17.8 million at current prices. The transfer extends a pattern of disposals that have now seen the company unwind more than 31,000 ETH in total, raising roughly $73 million across the sales combined.
The losses embedded in those sales are significant. FG Nexus accumulated 50,770 ETH between August and September 2025 at an average price of $3,860 per coin, building a position worth approximately $196 million at the time. With Ether trading near $1,765 at the time of writing — down roughly 54% from that average purchase price — the company’s remaining holdings carry an implied loss of more than $100 million on its original investment. FG Nexus has not publicly commented on its recent sales. The company’s share price fell 13.4% in pre-market trading on Thursday to $7.11.
Two Very Different Responses to the Same Price
Not every institutional Ether holder is selling. BitMine, the largest publicly traded holder of Ethereum with more than 5.4 million ETH, has been adding to its position, including a recent purchase of approximately $52 million worth of Ether. The company also announced plans on Wednesday to issue dividend-paying preferred shares, expanding its financing toolkit to support continued accumulation – a move that echoes the capital markets strategy MicroStrategy pioneered for Bitcoin treasury companies.
Standard Chartered reaffirmed its long-term $40,000 Ether price target last week, pointing to strengthening network fundamentals, growing onchain activity, and continued dominance in decentralised finance. The bank compared Ethereum’s current position to Amazon in its early growth phase, arguing that market performance has not yet caught up with underlying network trends.
Buying a Narrative at the Top Is an Expensive Lesson
FG Nexus built its Ethereum position in August and September 2025 – a period when corporate crypto treasury strategies were attracting significant investor attention following Strategy’s success with Bitcoin. The logic was straightforward and, at the time, widely endorsed: accumulate a scarce digital asset on a public company balance sheet, attract crypto-native investors, and benefit from price appreciation. The strategy works when prices rise and becomes deeply painful when they do not.
Ether has underperformed Bitcoin significantly over the past year, and the companies that built large ETH treasury positions near the 2025 highs are now navigating a difficult choice between holding through a prolonged drawdown or crystallising losses through sales that further pressure the price. FG Nexus appears to have chosen the latter, quietly and without public explanation.
The divergence between FG Nexus selling and BitMine buying at the same price level reflects a genuine disagreement about where Ethereum goes from here. One side is cutting losses. The other is treating $1,765 ETH as an accumulation opportunity. Standard Chartered’s $40,000 long-term target suggests the gap between current prices and institutional conviction on Ethereum’s potential remains extremely wide. Someone is going to be very right and someone very wrong – and the on-chain data will record every step of how each side got there.
