Nasdaq-listed FG Nexus has realized losses exceeding $85 million on its Ethereum treasury strategy after selling a substantial portion of its holdings at a significant discount. The firm had acquired over 50,000 ETH for approximately $196 million in late 2025. Its stock has also plummeted roughly 48% this year, reflecting the financial pressure from the declining crypto market.
FG Nexus has recorded cumulative losses of more than $85 million on its Ethereum treasury strategy. The company sold a large portion of its holdings at a significant discount after market conditions deteriorated.
According to data shared by blockchain analytics platform Lookonchain, the firm acquired 50,770 ETH for around $196 million at an average price of $3,860 between August and September 2025. Ethereum’s price subsequently fell from above $4,600 in October to about $2,700 by November.
The pressure has also been reflected in FG Nexus’ stock performance. The shares closed recently at $7.11, down 13.4% on the day after losing roughly 48% of its value so far this year.
The company had officially started its accumulation program on July 30, 2025, acquiring 6,400 ETH on the 10th anniversary of Ethereum’s genesis block. CEO and Chairman Kyle Cerminara had earlier stated that FG Nexus “plans to become a significant player in the Ethereum network with a goal of a 10% stake in ETH.”
FG Nexus is among several firms affected by the decline in Ether prices. Peter Thiel’s Founders Fund exited its entire investment in Ethereum treasury firm ETHZilla in February.
Meanwhile, Bitmine, the largest ETH treasury company, is estimated to be facing unrealized losses of around $9 billion after ETH fell below $1,800. ETH is currently trading at its lowest level since April 2025.
The broader Ethereum ecosystem has also faced a period of uncertainty in recent months. The Ethereum Foundation has recently come under increased scrutiny following a series of high-profile departures.
In response to speculation about internal instability, Ethereum co-founder Vitalik Buterin said the Foundation is not the center of Ethereum but only one participant in the network. The exits included Tomasz Stańczak, Tim Beiko, Josh Stark, and Barnabé Monnot.
