This Nasdaq Firm Chasing 10% of Ethereum (ETH) Supply Now Sits on an $85M Hit
Nasdaq-listed Ethereum treasury agency FG Nexus has recorded cumulative losses of greater than $85 million on its Ethereum treasury technique after promoting a big portion of its holdings at a major low cost.
According to knowledge shared by blockchain analytics platform Lookonchain, the corporate acquired 50,770 ETH for round $196 million at an common value of $3,860 between August and September 2025.
FG Nexus Dumps Holdings at a Loss
The strain has additionally been mirrored in FG Nexus’ inventory efficiency. The newest market knowledge reveals the shares closed at $7.11, down 13.4% on the day, after dropping roughly 48% of its worth to this point this 12 months.
FG Nexus had beforehand adopted ETH as its main treasury reserve asset. The firm formally started its accumulation program on July 30, 2025, by buying 6,400 ETH, precisely on the tenth anniversary of Ethereum’s genesis block. It then elevated its publicity via a sequence of extra acquisitions. CEO and Chairman Kyle Cerminara had earlier mentioned that FG Nexus “plans to turn into a major participant within the Ethereum community with a purpose of a ten% stake in ETH.”
The technique got here underneath strain as market circumstances deteriorated. ETH, which had been buying and selling above $4,600 in October, declined to about $2,700 by November. This prompted the North Carolina-based firm to start promoting. Since then, the crypto asset has seen a a lot bigger drawdown. FG Nexus is amongst a number of companies affected by the decline in Ether costs.
Peter Thiel’s Founders Fund exited its complete funding in Ethereum treasury agency ETHZilla in February. Meanwhile, Bitmine, which is the most important ETH treasury firm, is estimated to be dealing with unrealized losses of round $9 billion after ETH fell beneath $1,800.
Challenges Extend Beyond Price
ETH is at present buying and selling at its lowest stage since April 2025. Alongside falling costs, the broader Ethereum ecosystem has additionally confronted a interval of uncertainty in latest months. For occasion, the Ethereum Foundation (EF) has not too long ago come underneath elevated scrutiny following a sequence of high-profile departures, together with Tomasz Stańczak, Tim Beiko, Josh Stark, and Barnabé Monnot.
The exits sparked hypothesis about inner instability and disagreements over the Foundation’s course. In response, Ethereum co-founder Vitalik Buterin said the Foundation is just not the middle of Ethereum however just one participant within the community.
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