Nasdaq-listed Ethereum treasury firm FG Nexus has reported cumulative losses exceeding $85 million on its Ethereum treasury strategy after selling a large portion of its holdings at a significant discount.
Blockchain analytics platform Lookonchain reported that FG Nexus acquired 50,770 ETH for approximately $196 million at an average price of $3,860 between August and September 2025.
FG Nexus Sells Holdings at a Loss
The sell-off has weighed on FG Nexus’s stock. Market data show the shares closed at $7.11, down 13.4% on the day, and the stock has lost roughly 48% of its value so far this year.
FG Nexus had adopted ETH as its primary treasury asset. The company began its accumulation program on July 30, 2025—coinciding with the 10th anniversary of Ethereum’s genesis block—initially acquiring 6,400 ETH and then increasing its exposure through additional purchases. CEO and Chairman Kyle Cerminara previously stated that FG Nexus “plans to become a significant player in the Ethereum network with a goal of a 10% stake in ETH.”
As market conditions deteriorated, the strategy came under stress. ETH, which traded above $4,600 in October, fell to about $2,700 by November, prompting FG Nexus, based in North Carolina, to begin selling. Since then, Ether has experienced a larger drawdown, and FG Nexus is among several firms affected by the decline in ETH prices.
Other major players have also adjusted positions. Peter Thiel’s Founders Fund sold its entire investment in Ethereum treasury firm ETHZilla earlier in the year. Bitmine, the largest ETH treasury company, is estimated to be facing unrealized losses in the billions after Ether fell below $1,800.
Challenges Beyond Price Declines
ETH is trading at its lowest levels since April 2025, and the broader Ethereum ecosystem has encountered a period of uncertainty. The Ethereum Foundation has faced scrutiny following several high-profile departures, including Tomasz Stańczak, Tim Beiko, Josh Stark, and Barnabé Monnot.
Those exits prompted speculation about internal instability and differing views on the Foundation’s direction. In response, Ethereum co-founder Vitalik Buterin emphasized that the Foundation is one participant in the network and not the center of Ethereum.