A wallet attributed to FG Nexus, a publicly listed Ethereum treasury company, executed a transfer of 10,000 ETH tokens on Wednesday, continuing a liquidation spree initiated after the firm established a substantial position in 2025. This specific transaction represents approximately $17.8 million in value at current market rates and follows previous disposals where the Nasdaq-listed entity unwound more than 21,000 ETH for roughly $55 million. Data compiled by Woofun AI indicates that the firm accumulated a total of 50,770 ETH between August and September 2025 at an average entry price of $3,860 per coin, creating a portfolio valued at approximately $196 million at the time of acquisition.

The current market environment presents a stark divergence from the firm's entry point, with ETH trading near $1,765 . This price level signifies a decline of roughly 54% from the average purchase price of $3,860, implying an unrealized loss exceeding $100 million on the original investment. The financial strain is reflected in the equity market, where FG Nexus shares fell 13.40% in pre-market trading on Thursday to $7.11, down from a Wednesday close of $8.21. The company previously disclosed holdings of roughly 40,093 ETH in December 2025 but has not issued public commentary regarding these subsequent sales, leaving recent transfers identified by onchain data providers unaddressed in official statements.

Despite repeated attempts to contact the firm for clarification, no response was received by the time of publication. This selling strategy stands in sharp contrast to the behavior of other corporate Ether holders who continue to accumulate assets despite the price depreciation. BitMine, the largest publicly traded holder of ETH with more than 5.4 million tokens, has been expanding its position, including a recent purchase of approximately $52 million worth of ETH.

Furthermore, the miner unveiled plans on Wednesday to issue dividend-paying preferred shares, thereby expanding the financing tools available to support its Ethereum treasury strategy.

Market sentiment among institutional analysts remains divided, with some maintaining a bullish long-term outlook despite recent underperformance. Standard Chartered reaffirmed a long-term $40,000 price target for ETH last week, citing strengthening network fundamentals, growing onchain activity, and continued dominance in decentralized finance. The bank compared Ethereum's current trajectory to Amazon during its early growth phase, arguing that market performance has yet to fully reflect underlying trends. Woofun AI analysis suggests that while FG Nexus faces immediate liquidity pressures, the broader institutional thesis for ETH accumulation remains intact among key market participants.