FG Nexus Sells 36,025 ETH, Locking In Over $85M Loss on Ethereum Treasury Bet

FG Nexus has incurred losses of more than $85 million on its Ethereum treasury strategy after building a large ETH position near last year's highs and selling a significant portion at lower prices, underscoring the pressure on public companies that adopted ether as a reserve asset. Key takeaways: - FG Nexus purchased 50,770 ETH for about $196 million in 2025 and later sold 36,025 ETH at lower levels. - Realized losses exceed $85 million, highlighting the risks embedded in Ethereum treasury strategies. - Everstake data indicates ETH-focused treasury firms are leaning more on staking as market conditions remain difficult. FG Nexus' $196M Ethereum wager turns costly The Nasdaq-listed company accumulated 50,770 ETH between August and September 2025, spending roughly $196 million at an average cost of $3,860 per token. The position later moved sharply against it as market conditions weakened. The company began reducing exposure in November 2025. On-chain data cited by Lookonchain shows FG Nexus recently sold 36,025 ETH for approximately $83.92 million at an average price of $2,330 per ETH. Based on these transactions, cumulative losses on the strategy now top $85 million. FG Nexus had previously positioned ETH as its primary treasury reserve asset, leaving its balance sheet more sensitive to Ethereum price swings at a time when several public companies were pitching themselves as crypto treasury vehicles. The episode highlights the fragility of that model: gains can amplify the equity narrative in rising markets, but the story can deteriorate quickly when token prices fall or when firms must sell below cost. The broader segment is already under strain. An Everstake study found publicly listed ether treasury firms are facing a tougher market, with staking emerging as one of the few relatively steady revenue streams. FG Nexus' financials reflect that dynamic. The company reported $2.4 million in total revenue for fiscal 2025, including $1.5 million tied to ETH staking. That reliance on yield illustrates a wider challenge across the sector: staking income can support operating results, but it may not be sufficient to offset large mark-to-market losses or poorly timed treasury sales. Investor scrutiny has also evolved. Simply holding crypto is increasingly viewed as inadequate; markets are focusing on cost basis, liquidity, staking yield, and management's ability to grow net asset value per share through a full cycle. For now, FG Nexus serves as a cautionary case study in how quickly a treasury strategy can shift from a growth narrative to a balance-sheet burden.