FG Nexus is down more than $85 million on its Ethereum treasury trade after buying aggressively near last year’s highs and selling into a much weaker market.
The company bought 50,770 ETH for about $196 million between August and September 2025, at an average price near $3,860. It later began selling in November, unloading 36,025 ETH for about $83.92 million at an average price near $2,330.
The tracked Arkham wallet now shows the unwind moving beyond a partial sale. The wallet tied to the latest market discussion has been emptied, leaving traders focused on whether FG Nexus has effectively finished exiting the original ETH stack or moved remaining assets elsewhere.
At current ETH prices near $1,800, the math leaves little room for a softer interpretation. FG Nexus bought close to $196 million of ETH near $3,860 and sold most of that position far below cost. If the remaining tracked ETH has also been sold around current levels, the total loss lands above $85 million.
Treasury Strategy Reversed Within Months
The reversal is sharp because FG Nexus entered the trade as an Ethereum treasury company, not as a short-term trader. In August 2025, it raised $200 million through a private placement to build one of the largest public-company ETH positions.
That plan lost momentum quickly. ETH fell, FGNX shares weakened, and the company began using ETH liquidity to support its equity structure. The first major sale came when FG Nexus sold 10,922 ETH to help fund a common-share repurchase. Later sales pushed the unwind much further.
The result is one of the clearest failed corporate ETH treasury trades of the cycle. FG Nexus bought near the top, sold heavily into weakness, and now faces a loss that is larger than its own public equity value.
FGNX recently traded near $7.11, with a market cap around $44.5 million. The Ethereum loss alone is almost double that figure.
ETH Treasury Stocks Face A Hard Reset
FG Nexus is smaller than BitMine and SharpLink, but its case is cleaner because the trade moved from accumulation to liquidation so quickly.
Corporate crypto treasury models work best when the asset price rises, the stock trades at a premium, and new capital can be raised to buy more coins. When ETH falls below the entry price and the stock weakens at the same time, the model can flip into forced discipline: sell crypto, fund buybacks, protect the share price, and accept the balance-sheet hit.
The same stress is spreading across larger treasury names. Strategy and BitMine are already sitting on more than $16 billion in combined crypto paper losses after BTC and ETH fell sharply. Broader corporate Ethereum reserve growth has turned ETH treasury stocks into leveraged bets on the asset itself.
FG Nexus shows the downside. A treasury label does not remove price risk. A public-company structure does not protect shareholders from buying too high. Once ETH dropped, the company’s treasury strategy became a liquidity problem.
The damage is now clear. FG Nexus paid about $196 million for ETH near $3,860, sold heavily near $2,330, and the tracked wallet tied to the unwind is now empty. The trade that was meant to make FG Nexus an Ethereum treasury play has instead locked in one of the most painful public ETH losses of the year.
