Lookonchain
FG Nexus booked a $86.6 million loss on its Ethereum treasury position after buying 50,770 $ETH at an average of $3,860 between August and September 2025, then selling 51,145 $ETH at an average of $2,138 from November 2025 onward.
Why it matters
The round trip captures the full arc of ETH's late-2025 drawdown in a single corporate treasury: an entry window effectively at local highs, a holding period of roughly two to three months, and an exit near the cycle floor. $ETH had rallied into the August peak before rolling over as risk appetite cooled across digital assets. By the time FG Nexus began selling in November, price action had compressed materially, forcing the unwinding into a structurally weaker tape.
Market impact
The trade is small in absolute market terms but instructive as a corporate-balance-sheet case study. Treasury-style ETH allocations require both a directional view on price and a workable exit, and this one lacked either cushion or patience. For other listed treasuries holding $ETH, the read is straightforward: duration and entry cost basis matter as much as the asset thesis, and a 45% drawdown from average buy to average sell turns a strategic narrative into a P&L event.
Frequently asked questions
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How much did FG Nexus lose on its Ethereum treasury?
FG Nexus booked a $86.6 million loss on its $ETH position after buying at an average of $3,860 and selling at an average of $2,138.
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When did FG Nexus buy and sell its Ethereum holdings?
The company bought 50,770 $ETH between August and September 2025, then began selling in November 2025, ultimately offloading 51,145 $ETH.
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What was the average buy and sell price for FG Nexus's ETH trade?
The average buy price was $3,860 and the average sell price was $2,138, a roughly 45% drawdown over the holding period.
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Why is the FG Nexus loss significant for other corporate ETH treasuries?
It illustrates how entry timing and duration can turn a strategic allocation into a P&L event, a reminder that cost basis matters as much as the asset thesis.
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Did the FG Nexus trade move the broader ETH market?
The position was small relative to overall ETH liquidity, so the direct market impact was limited, but it serves as a cautionary case study for other listed treasuries holding $ETH.
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