Nasdaq-listed FG Nexus (formerly Fundamental Global) is facing mounting losses on its Ethereum treasury strategy, with unrealized losses exceeding $85 million after a series of asset sales that included a fresh transfer of 10,000 ETH on Wednesday. On-chain data shows the company’s current holdings of about 40,093 ETH are now worth roughly $71.8 million, against an estimated acquisition cost of $157.7 million — a paper loss of 54.5%.
The firm accumulated 50,770 ETH between August and September 2025 at an average price near $3,860–$3,934 per coin, spending nearly $196 million. Since then, Ethereum’s price has tumbled to around $1,765, leaving the position deep underwater. The latest 10,000 ETH transfer, valued at approximately $17.8 million, follows earlier sales of more than 21,000 ETH that generated about $55 million, steadily shrinking the balance.
FG Nexus stock dropped 13.40% in pre-market trading to $7.11, reflecting investor alarm. While other institutional players like BitMine continue to accumulate Ether — recently purchasing $52 million worth and planning dividend-paying preferred shares — FG Nexus is reducing exposure, underscoring the split in corporate strategies. Standard Chartered has maintained a long-term $40,000 Ether price target, but the immediate pressure on treasury-focused firms highlights the volatility and asset-liability mismatch risks of holding digital assets as primary reserves.
