FG Nexus’s Ethereum treasury setback is underscoring the risks of concentrated crypto investment strategies for corporate balance sheets. The company was previously reported to have transferred 10,000 ETH worth about $17.8 million from a wallet Arkham labeled as belonging to the Nasdaq-listed firm to Galaxy Digital, a move traders often monitor for signs of selling, rebalancing or custody changes. Earlier on-chain reports cited by Ember and Lookonchain said FG Nexus accumulated about 50,600-50,770 ETH in August-September 2025 for roughly $196 million-$200 million at an average price near $3,860-$3,940, then began reducing the position in November 2025. Those reports indicated losses exceeding $85 million, while a later update said combined realized and unrealized losses topped $100 million with ETH near $1,765. The latest framing highlights how the episode may prompt more caution around concentrated crypto treasury strategies.