FG Nexus bleeds $85M+ dumping ETH bought at $3,860 average

FG Nexus has crystallised a loss exceeding $85 million on an Ethereum treasury position it built over the summer of 2025. The firm accumulated 50,770 ETH at an average entry price of $3,860 between August and September 2025, deploying roughly $196 million into the position at what turned out to be a cyclical peak.

Why it matters

The loss is a stark case study in the risks of corporate treasury strategies that mirror the MicroStrategy playbook but applied to ETH rather than BTC. FG Nexus began liquidating the position in November 2025, selling 36,025 ETH at an average price of just $2,330 — a 40% discount to its average cost basis — recovering only $83.92 million on roughly 71% of the original stack. The remaining position, if still held, sits deep underwater.

Market impact

For Ethereum specifically, a forced or distressed seller of this scale is a meaningful headwind. The disclosure adds to a broader narrative of institutional ETH treasury bets gone wrong in the 2025 cycle, and may weigh on sentiment among corporates considering similar strategies. Traders will watch whether FG Nexus continues to unwind the remaining ETH, which could represent additional sell-side pressure on the market.