FG Nexus incurred losses exceeding $85 million on its Ethereum treasury following a series of sales that unfolded below the firm's acquisition costs, according to on-chain data tracked by Lookonchain.
Between August and September 2025, FG Nexus accumulated 50,770 ETH valued at approximately $196 million, paying an average price of $3,860 per token. The firm then liquidated 36,025 ETH starting in November 2025, realizing proceeds of $83.92 million at an average selling price of $2,330 per token—a decline of roughly 40 percent from the initial purchase price.
The disposal reflects mounting pressure on cryptocurrency treasury holders facing significant paper losses amid Ethereum's prolonged price decline. The transaction underscores the risk exposure institutional participants face when accumulating digital assets at peak valuation levels without corresponding hedging strategies.