FG Nexus ETH treasury losses top $85M after forced sell-down

Nasdaq-listed FG Nexus has crystallised more than $85 million in losses on its Ethereum treasury strategy after buying 50,770 ETH for roughly $196 million at an average price of $3,860 between August and September 2025, then beginning to sell in November as ETH prices fell sharply.

The firm has now sold 36,025 ETH at an average price of $2,330, recovering approximately $83.92 million — less than half the original outlay on those coins. FG Nexus had publicly described ETH as its primary treasury reserve asset, a positioning that drew comparisons to MicroStrategy's BTC playbook at the time of the initial purchases.

Why it matters

The losses put a spotlight on the risks of single-asset treasury concentration in volatile crypto markets, particularly for publicly listed companies with fiduciary obligations. A $3,860 entry into ETH proved poorly timed: the token has shed roughly 40% from those levels, and the forced sell-down locked in losses that will flow directly through FG Nexus's income statement.

Market impact

With 14,745 ETH still potentially on the books, the market will watch whether FG Nexus continues to liquidate or holds for a recovery. Continued selling pressure from distressed treasury holders adds a structural headwind to ETH price action. The episode is also likely to cool enthusiasm among other Nasdaq-listed firms considering ETH as a primary reserve asset.