WuBlockchain
FG Nexus, the Nasdaq-listed Ethereum treasury vehicle, has lost more than $85 million on its ETH strategy after selling 36,025 ETH at an average price of $2,330 — roughly 40% below the $3,860 it paid between August and September 2025. The disposals have recovered about $83.92 million against an original outlay of approximately $196 million for the full 50,770-ETH position.
Why it matters
FG Nexus pitched ETH as its primary treasury reserve asset, framing the public-company balance sheet as a vehicle for crypto-native exposure. The realised loss on the trade is the cleanest case study yet of how that thesis performs when the underlying asset sells off: the firm was a forced seller into a falling market, not a strategic rebalancer. Other listed ETH and BTC treasuries face the same convexity — mark-to-market drawdowns cascade into selling pressure when redemptions, debt service, or shareholder pressure arrive.
Market impact
The pattern matters more than the dollar figure. With cumulative losses now above $85M, FG Nexus is the highest-profile casualty of the treasury-company trade since the wave of public-company ETH allocations began, and it sets a reference point for how regulators and shareholders will treat the next round of treasury disclosures. Watch for follow-on selling from peer vehicles and for any change in language from other listed ETH treasuries about their reserve-asset framing.
Frequently asked questions
-
How much has FG Nexus lost on its Ethereum treasury?
Cumulative losses have exceeded $85 million after the firm sold 36,025 ETH at an average price of $2,330, well below the $3,860 average cost of the original 50,770-ETH position acquired between August and September 2025.
-
What was FG Nexus's average purchase price for ETH?
FG Nexus bought 50,770 ETH for approximately $196 million at an average price of $3,860 between August and September 2025, before beginning to sell in November.
-
Why did FG Nexus start selling its ETH holdings?
The seed does not state the trigger explicitly, but the firm had been sitting on mark-to-market losses as ETH declined and began selling in November 2025, ultimately disposing of more than 70% of the original position at a substantial discount.
-
Is FG Nexus a regulated or listed company?
Yes — FG Nexus is a Nasdaq-listed firm that had publicly described ETH as its primary treasury reserve asset, framing its public-company balance sheet as a vehicle for crypto-native exposure.
-
What does the FG Nexus loss mean for other crypto treasury companies?
It is the highest-profile case study to date of how the listed-treasury thesis performs in a drawdown, and it sets a reference point for regulators and shareholders weighing the next round of corporate crypto allocation disclosures.
WatcherGuru
CoinTelegraph
Crypto Capital Venture
TheBlock
CoinDesk
Altcoin Daily