FG Nexus Sells 36,025 ETH After $85M Ethereum Loss

FG Nexus sold 36,025 ETH after realizing more than $85 million in losses on an Ether treasury position. The Nasdaq-listed company bought 50,770 ETH between August and September 2025 for about $196 million, at an average cost near $3,860 per token. On-chain transaction records show the company sold 36,025 ETH for roughly $83.92 million, an average sale price near $2,330 per ETH, leaving cumulative realized losses above $85 million.

FG Nexus had identified Ether as its primary treasury reserve asset, exposing its balance sheet to Ether price moves. The company reported $2.4 million in total revenue for fiscal 2025, with $1.5 million attributed to ETH staking revenue.

Staking revenue represented most of the company’s reported revenue for fiscal 2025 while the market value of its Ether holdings declined. Industry studies of publicly listed Ether holders report that staking can provide a steady source of operating income while token price volatility affects balance sheets.

Investors and analysts evaluate crypto treasury companies on purchase cost, liquidity, staking yield and the ability of management to grow net asset value per share through a full market cycle. For FG Nexus, the sequence of purchases and later sales reduced its ETH holdings and crystallized the reported losses.