Some small projects that pivoted to treasury management during the DAT boom last year are now in a dire situation. Their mNAV (stock price divided by net asset value per share) has fallen below 1, and many institutions have begun to reduce their holdings to ease the pressure.

Ethereum treasury company FG Nexus is a typical example. This morning, the company sold 2,500 ETH in just 4 hours, which at the time was worth approximately $8.04 million. This significant reduction in holdings has attracted market attention.

Looking back, FG Nexus made large purchases of Ethereum from August to September last year, with an average price of as high as $3,944. They accumulated a total of 50,770 ETH, spending about $200 million. At that time, market optimism was high. However, Ethereum's subsequent price movement did not develop as initially expected, leading to the current situation where they have to cut losses and exit. This reflects how some small and medium treasury institutions, after buying at high prices, are under severe pressure and facing increasing cash flow challenges.