While the outlook for Ethereum wasn’t very good, another piece of bad news arrived. At this point, Ethereum (ETH) treasury company FG Nexus made a large sell-off to mitigate its losses.
According to Lookonchain, FG Nexus, which is traded on Nasdaq, sold 7,550 Ethereum (ETH) worth approximately $14 million.
However, this sale is not the company’s first Ethereum sale. FG Nexus previously sold $56 million worth of Ethereum late last year. At that time, the average sale price was reportedly $2,649 per Ethereum.
While this is seen as a significant move in the cryptocurrency world, the sale has reduced FG Nexus’s Ethereum holdings to approximately 30,000. FG Nexus’s total losses are reported to have reached $82.8 million.
FG Nexus is a digital asset treasury (DAT) company that disclosed its Ethereum reserves last year. Between August and September alone, it purchased $196 million worth of Ethereum. The average purchase price was $3,860 per Ethereum.
Besides FG Nexus, ETHZilla also had to sell ETH for a share buyback.
*This is not investment advice.