Ethereum Treasury Company FG Nexus Sells 2,500 ETH to Repay $10 Million Loan, Highlighting Deleveraging Pressure and mNAV Discount Challenges in DAT Industry
(Background: MicroStrategy’s market cap falls below Bitcoin holdings, “mNAV drops below 1,” and its stock price has evaporated 60% from the high, shaking MSTR’s HODL strategy)
(Additional context: Over 160 Bitcoin treasury companies compete, creating three major leverage strategies to generate mNAV premiums)
On-chain monitoring shows that Ethereum treasury company FG Nexus sold another 2,500 ETH today (20th), valued at approximately $8.04 million at average price, used to repay about $10 million short-term loans collateralized with ETH. This transaction increased the company’s total reduction to 13,475 ETH, highlighting liquidity pressures faced by digital asset treasury (DAT) operators after market corrections.
FGNX Continues to Cut Positions and Close
Public documents reveal that FG Nexus built up positions at high prices between August and September 2025, accumulating 50,770 ETH at an average price of $3,944, with a market value of about $200 million.
However, as cryptocurrencies declined across 2025, the company gradually reduced holdings from October onward, with an average sale price of $3,089, resulting in an unrealized loss of approximately $15.2 million. After the latest sale, FG Nexus still holds 37,594 ETH, valued at about $1.2 billion.
Regarding Ethereum’s current price, another decline began again this morning around 6 a.m., with the current price at $3,193, and no clear signs of rebound yet.
Discounted mNAV Under Debt Shadow
Under continuous selling pressure and debt stress, FGNX’s stock price fell to $3.22, down 85% from a year ago, with mNAV continuing to decline. Despite the company’s sale of its reinsurance division and asset-liability adjustments in early January, the discount persists. However, FGNX is not an isolated case; ETHZilla, supported by Peter Thiel, sold $74.5 million worth of ETH in the same month to pay off debt, reflecting a broader deleveraging trend in the DAT industry.
Looking ahead, some large institutions estimate ETH could challenge $7,500 by the end of the year. However, in the short term, attention should be paid to the remaining holdings of treasury companies. For investors, assessing leverage levels and debt maturities may be more effective than tracking on-chain balances to evaluate potential selling pressure.
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