FG Nexus, a Nasdaq-listed company whose corporate strategy was based on the accumulation of Ether (ETH), transferred 10,000 units of this asset to an address associated with Galaxy Digital on June 3, 2026.
This move, along with other similar moves, is being interpreted as a potential sale. The company has not disclosed the reason for the change.
According to on-chain data collected by Arkham Intelligence, the movement was over $18 million, with ETH trading at around $1,772.
The operation furthers the position reductions that began several months ago. According to on-chain estimates, FG Nexus sold 36,025 ETH at an average price of $2,330 per unit. After accumulating 50,770 ETH between August and September 2025 at an average price of $3,860.
According to a report from CriptoNoticias, the company began disposing of its ETH holdings on October 23rd. At that time, these funds were used to buy back shares.
Referring to these numbers, The realized loss on the sale of 36,025 ETH will be approximately $55 million.. Some estimates put this number at over 85 million, but this calculation cannot be verified based on available data and may include unrealized losses on the company’s current holdings.
Additionally, public records show certain discrepancies between sales volumes and balances reported by various sources, so this figure should be interpreted with caution.
Data shows that FG Nexus It has significantly reduced its exposure to the cryptocurrency Ethereum from its highs reached in 2025.
The company’s report shows holdings of approximately 40,093 ETH as of December 2025. However, recent activity seen within the wallet suggests that the balance would have continued to decline.
in fact, Arkham Intelligence currently shows a balance of close to 3,375 ETH in monitored addresses. In that wallet, FG Nexus was not observed centralizing its reported total holdings of 50,770 ETH, so it is possible that some of the funds were dispersed to other addresses or under a custodial scheme.
Because of this difference, care must be taken when acquiring data. It is not clear if all FG Nexus holdings are concentrated in the same wallet, if some of the funds are being held, or if recent transfers are in response to effective sales. Until now, The company has not publicly commented on the purpose of this move.
A model that raises concerns
The sale of a company called FG Nexus has deepened questions in the market about the extent to which companies can sustain financial strategies based on digital assets during periods of prolonged price weakness.
Last year, several companies adopted a strategy-inspired model and accumulated Bitcoin (BTC) or Ether as a reserve asset in hopes of benefiting from long-term appreciation in value.
However, if prices remain low for a long time, Losses are likely to be passed onto companies’ balance sheets, increasing pressure on the stocks of these companies.
FG Nexus is not the only recent incident that is accelerating this debate. Last week, Strategy sold 32 BTC to fulfill financial commitments related to its financial products.
Although this operation was only a small portion of the reserves, it was interpreted by the market as a relevant signal. The thing is If a company with Strategy’s financial size, access to capital, and ability to raise capital had to sell; How much margin does a small business have if it has to set aside a portion of its assets to meet its financial commitments?
It remains to be seen whether these are isolated decisions or broader signs that some companies’ digital asset finances are beginning to reach their limits in a prolonged bear market.
(Tag translation) Altcoin
