Nasdaq-Listed FG Nexus Faces $85 Million Loss in Ethereum Holdings

FG Nexus, a treasury firm listed on Nasdaq, has reported cumulative losses exceeding $85 million on its Ethereum treasury strategy after liquidating a significant portion of its assets at a steep discount. Data from blockchain analytics firm Lookonchain indicates that the company purchased 50,770 ETH for approximately $196 million, averaging around $3,860 per coin between August and September 2025. The company's stock has also suffered, with shares closing at $7.11—down 13.4% for the day and nearly 48% year-to-date. Initially, FG Nexus viewed ETH as its primary treasury reserve and kicked off its accumulation on July 30, 2025, the 10th anniversary of Ethereum’s genesis block, buying 6,400 ETH and later expanding its holdings. CEO Kyle Cerminara previously stated the firm aimed to secure a 10% stake in the Ethereum network. However, market conditions have pressured this strategy, as ETH prices plummeted from above $4,600 in October to about $2,700 by November, leading the North Carolina-based firm to start sales. The broader decline in Ether prices has adversely impacted several companies. In a similar vein, Peter Thiel’s Founders Fund divested its entire stake in Ethereum treasury firm ETHZilla in February, while Bitmine, the largest ETH treasury firm, is grappling with unrealized losses estimated at around $9 billion after ETH dipped below $1,800. The challenges faced by Ethereum extend beyond its price. Currently trading at its lowest point since April 2025, the Ethereum ecosystem is experiencing significant turmoil, further exacerbated by high-profile exits from the Ethereum Foundation, which have raised concerns about internal stability. In response to these departures, Ethereum co-founder Vitalik Buterin emphasized that the Foundation is merely one participant in the broader Ethereum network.