Nasdaq-listed Ethereum treasury agency FG Nexus has recorded cumulative losses of greater than $85 million on its Ethereum treasury technique after promoting a big portion of its holdings at a big low cost.
In keeping with knowledge shared by blockchain analytics platform Lookonchain, the corporate acquired 50,770 ETH for round $196 million at a median value of $3,860 between August and September 2025.
FG Nexus Dumps Holdings at a Loss
The strain has additionally been mirrored in FG Nexus’ inventory efficiency. The newest market knowledge exhibits the shares closed at $7.11, down 13.4% on the day, after dropping roughly 48% of its worth up to now this yr.
FG Nexus had beforehand adopted ETH as its major treasury reserve asset. The corporate formally began its accumulation program on July 30, 2025, by buying 6,400 ETH, precisely on the tenth anniversary of Ethereum’s genesis block. It then elevated its publicity by a sequence of further acquisitions. CEO and Chairman Kyle Cerminara had earlier mentioned that FG Nexus “plans to change into a big participant within the Ethereum community with a objective of a ten% stake in ETH.”
The technique got here beneath strain as market circumstances deteriorated. ETH, which had been buying and selling above $4,600 in October, declined to about $2,700 by November. This prompted the North Carolina-based firm to start promoting. Since then, the crypto asset has seen a a lot bigger drawdown. FG Nexus is amongst a number of companies affected by the decline in Ether costs.
Peter Thiel’s Founders Fund exited its complete funding in Ethereum treasury agency ETHZilla in February. In the meantime, Bitmine, which is the most important ETH treasury firm, is estimated to be dealing with unrealized losses of round $9 billion after ETH fell under $1,800.
Challenges Lengthen Past Value
ETH is at present buying and selling at its lowest stage since April 2025. Alongside falling costs, the broader Ethereum ecosystem has additionally confronted a interval of uncertainty in current months. As an illustration, the Ethereum Basis (EF) has lately come beneath elevated scrutiny following a sequence of high-profile departures, together with Tomasz Stańczak, Tim Beiko, Josh Stark, and Barnabé Monnot.
The exits sparked hypothesis about inner instability and disagreements over the Basis’s course. In response, Ethereum co-founder Vitalik Buterin mentioned the Basis isn’t the middle of Ethereum however just one participant within the community.
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