TLDR
- FG Nexus bought 50,770 ETH at an average price of $3,860 during 2025 treasury expansion.
- The company sold 36,025 ETH at $2,330 on average, recovering about $83.92 million so far.
- Losses exceeded $85 million as sale prices remained well below the firm’s reported purchase cost.
- FG Nexus had described Ethereum as its primary treasury reserve asset before later reducing holdings.
- The case records balance-sheet exposure to cryptocurrency that can pressure companies during sharp market downturns.
FG Nexus, a Nasdaq-listed firm that had positioned Ethereum as its main treasury reserve asset, has recorded losses of more than $85 million on its ETH treasury strategy, according to figures cited by Wu Blockchain and Lookonchain during a volatile year for corporate crypto treasuries.
The figures show that the company bought 50,770 ETH between August and September 2025 at an average price of $3,860. The total acquisition value was about $196 million, placing the purchases near levels that later became difficult to defend.
FG Nexus began selling part of the Ethereum position in November 2025 as ETH traded well below its purchase price. It has sold 36,025 ETH at an average price of $2,330, recovering about $83.92 million from the disposals. The gap between the average purchase price and average sale price accounts for the reported loss figure.
Based on the reported transactions, the company has sold about 71 percent of the original Ethereum purchase. The remaining balance would be 14,745 ETH before any later sales not included in the supplied figures. Those unsold coins would still expose the balance sheet to daily price changes in Ethereum markets.
Treasury Strategy Reverses as Prices Fall
The Ethereum plan followed a private placement that was expected to support a digital asset treasury program. FG Nexus had described ETH as its primary treasury reserve asset, aligning its balance sheet with a single crypto asset. That approach left the company exposed when Ethereum prices moved against its acquisition levels.
The sales show a reversal from accumulation to liquidation within months of the initial purchases rather than a longer reserve campaign. Selling at $2,330 against a $3,860 cost basis means the average realized loss was about $1,530 per ETH. That difference over 36,025 ETH equals more than $55 million in realized trading losses.
The broader loss estimate also reflects the lower value of ETH still held by the company. Any mark-to-market figure can change with Ethereum prices, while realized losses are fixed once sales are completed. The supplied figures place total losses above $85 million across sold and unsold portions of the treasury.
Corporate Crypto Treasuries Draw Fresh Scrutiny
FG Nexus is one of several listed companies that have used corporate balance sheets to hold crypto assets. Bitcoin treasury strategies gained attention after Strategy built a large position and linked its corporate identity to Bitcoin accumulation. Ethereum treasury plans have been less consistent as prices, yields, and investor demand have shifted across public markets.
Companies using crypto reserves can benefit when token prices rise, yet the same structure can pressure liquidity during declines and funding plans. A concentrated treasury position may also affect equity investors when losses become larger than the company’s market value. FG Nexus shares were cited at about $7.11, with market value near $44.5 million in the supplied material.
The FG Nexus Ethereum treasury loss adds a new reference point for corporate crypto risk management. The company’s reported sales show how a reserve asset policy can move quickly from accumulation to disposal when market conditions shift. Further changes in ETH prices and any additional sales would determine how much of the remaining exposure is recovered.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
