FG Nexus' Ethereum Bet Goes Sour, Cumulative Losses Exceed $85M

FG Nexus, a Nasdaq-listed company, has suffered significant losses from its Ethereum treasury strategy, with cumulative losses exceeding $85 million. The company's aggressive foray into Ethereum in 2025 has backfired, with the value of its Ethereum holdings declining sharply since then.

In August and September 2025, FG Nexus acquired 50,770 ETH for approximately $196 million, with an average purchase price of $3,860 per token. However, as the market declined, the company began selling its Ethereum holdings in November 2025, eventually selling 36,025 ETH at a lower price of around $2,330 per token.

The losses highlight the risks associated with relying heavily on digital assets as reserve assets. Public companies that invest in cryptocurrencies may benefit when prices rise, but their equity story can weaken quickly when token prices fall or when firms are forced to sell below their acquisition cost.