This Nasdaq Firm Chasing 10% of Ethereum (ETH) Supply Now Sits on an $85M Hit

Nasdaq-listed Ethereum treasury firm FG Nexus has recorded cumulative losses of more than $85 million on its Ethereum treasury strategy after selling a large portion of its holdings at a significant discount.

According to data shared by blockchain analytics platform Lookonchain, the company acquired 50,770 ETH for around $196 million at an average price of $3,860 between August and September 2025.

FG Nexus Dumps Holdings at a Loss

The pressure has also been reflected in FG Nexus’ stock performance. The latest market data shows the shares closed at $7.11, down 13.4% on the day, after losing roughly 48% of its value so far this year.

FG Nexus had previously adopted ETH as its primary treasury reserve asset. The company officially started its accumulation program on July 30, 2025, by acquiring 6,400 ETH, exactly on the 10th anniversary of Ethereum’s genesis block. It then increased its exposure through a series of additional acquisitions. CEO and Chairman Kyle Cerminara had earlier said that FG Nexus “plans to become a significant player in the Ethereum network with a goal of a 10% stake in ETH.”

The strategy came under pressure as market conditions deteriorated. ETH, which had been trading above $4,600 in October, declined to about $2,700 by November. This prompted the North Carolina-based company to begin selling. Since then, the crypto asset has seen a much larger drawdown. FG Nexus is among several firms affected by the decline in Ether prices.

Peter Thiel’s Founders Fund exited its entire investment in Ethereum treasury firm ETHZilla in February. Meanwhile, Bitmine, which is the largest ETH treasury company, is estimated to be facing unrealized losses of around $9 billion after ETH fell below $1,800.

Challenges Extend Beyond Price

ETH is currently trading at its lowest level since April 2025. Alongside falling prices, the broader Ethereum ecosystem has also faced a period of uncertainty in recent months. For instance, the Ethereum Foundation (EF) has recently come under increased scrutiny following a series of high-profile departures, including Tomasz Stańczak, Tim Beiko, Josh Stark, and Barnabé Monnot.

The exits sparked speculation about internal instability and disagreements over the Foundation’s direction. In response, Ethereum co-founder Vitalik Buterin said the Foundation is not the center of Ethereum but only one participant in the network.

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