FG Nexus reduces holdings by 2,500 ETH, with accumulated losses exceeding 10 million USD

【Blockchain Rhythm】On-chain monitoring data shows that Ethereum treasury company FG Nexus has just sold 2,500 ETH, converting it into $8.04 million. Interestingly, this company was quite confident mid-last year—between August and September, they invested $200 million at an average price of $3,944, acquiring a total of 50,770 ETH in one go.

But this move now looks less than ideal. As the price of ETH has been declining, FG Nexus has not held steady. So far, they have gradually reduced their holdings by 13,475 ETH, selling at an average price of $3,089, resulting in a loss of $11.52 million. It sounds quite painful.

Currently, the company still holds 37,594 ETH, with a book value of $120 million. However, their mNAV is only 0.84, which means the market capitalization has fallen below the actual value of their Ethereum assets. In plain terms, market expectations for this company are somewhat pessimistic.