FG Nexus sends 10,000 ETH to Galaxy Digital after steep Ethereum losses
FG Nexus’s reported Ethereum treasury losses have drawn attention to the risks of concentrated crypto holdings as companies weigh how aggressively to use digital assets in treasury strategies.
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.
- realized and unrealized losses: Losses already booked through asset sales plus paper losses on holdings that have not yet been sold
- custody changes: Transfers of assets between wallets or service providers that do not necessarily mean the assets were sold
- treasury strategies: How a company manages and allocates its balance-sheet assets, including any use of digital tokens