Nasdaq-listed FG Nexus says its Ethereum treasury plan has gone wrong fast. Lookonchain data cited by Crypto Potato shows the company acquired 50,770 ETH for around $196 million between August and September 2025. The firm later sold a large portion of those holdings at a significant discount. The result is cumulative losses of more than $85 million, per the same report.
This matters for two reasons beyond the headline number. First, FG Nexus treated ETH as its primary treasury reserve asset. Second, the strategy was explicitly pitched as scaling toward a major network position.
What FG Nexus actually bought, then sold
Crypto Potato ties the $85M+ loss claim to Lookonchain’s on-chain tracking of FG Nexus activity. The report says:
- FG Nexus acquired 50,770 ETH between August and September 2025 for about $196 million.
- That implies an average purchase price of $3,860 per ETH.
- The company then sold a large portion at a significant discount, driving cumulative losses above $85 million.
The 10% ETH ambition meets a price slide
FG Nexus did not frame this as a small side bet. Crypto Potato reports that CEO and Chairman Kyle Cerminara said the firm “plans to become a significant player in the Ethereum network with a goal of a 10% stake in ETH.” The company officially began its accumulation program on July 30, 2025, buying 6,400 ETH to mark the 10th anniversary of Ethereum’s genesis block.
The plan expanded after that through additional acquisitions. But the report also shows the macro problem that hits treasury strategies hardest. ETH was trading above $4,600 in October, then declined to about $2,700 by November. That drawdown is the trigger for the sales described by Crypto Potato.
A treasury that relies on holding during stress can become a treasury that funds exits during stress. In FG Nexus’s case, the report says the company began selling after ETH fell.
Stock pressure stacks on crypto pressure
Crypto Potato links the treasury stress to visible equity-market damage. The latest data in the report shows:
- Shares closed at $7.11.
- That is down 13.4% on the day.
- It also implies roughly a 48% loss year-to-date, per the same market data.
Broader ETH-treasury stress shows up elsewhere
FG Nexus is not alone. Crypto Potato also points to other ETH-treasury players dealing with the consequences of ETH’s decline:
- Peter Thiel’s Founders Fund exited its entire investment in Ethereum treasury firm ETHZilla in February.
- Bitmine, described in the report as the largest ETH treasury company, is estimated to face unrealized losses of around $9 billion after ETH fell below $1,800.
That pattern matters for readers watching the “ETH on a balance sheet” thesis. When prices fall, you get forced liquidity choices and accounting hits. Even when losses are unrealized elsewhere, capital allocation decisions still get harder.
Ethereum ecosystem uncertainty adds a second layer of risk
The report also frames the environment around Ethereum as uncertain, not just bearish. Crypto Potato says the Ethereum Foundation has faced heightened scrutiny after multiple high-profile departures, naming Tomasz Stańczak, Tim Beiko, Josh Stark, and Barnabé Monnot.
That led to speculation about internal instability and disagreement over the Foundation’s direction. In response, Crypto Potato cites Ethereum co-founder Vitalik Buterin saying the Foundation is not the center of Ethereum, but only one participant in the network.
If you’re tracking treasury strategies, that context is not a price forecast. It is a reminder that governance and institutional churn can tighten risk appetite and complicate long-horizon commitments.
Key numbers from the reported ETH treasury losses
| Item | Figure | Source in report |
|---|---|---|
| FG Nexus cumulative treasury losses | $85M+ | Crypto Potato, via Lookonchain data |
| ETH acquired by FG Nexus | 50,770 ETH | Lookonchain data cited by Crypto Potato |
| Purchase value | ~$196M | Lookonchain data cited by Crypto Potato |
| Average purchase price | $3,860 | Lookonchain data cited by Crypto Potato |
| Accumulation start date | July 30, 2025 | Crypto Potato |
| ETH bought on July 30 | 6,400 ETH | Crypto Potato |
| CEO stated goal | 10% stake in ETH | Crypto Potato |
| ETH price reference points | >$4,600 (Oct), ~ $2,700 (Nov) | Crypto Potato |
| FG Nexus share close | $7.11 | Crypto Potato’s market data |
| Share move on the day | -13.4% | Crypto Potato’s market data |
What to watch next
Crypto Potato does not lay out a timeline for further FG Nexus moves. But given the report’s chain-of-events, the next checkpoints are straightforward: whether FG Nexus keeps reducing exposure, whether it changes the treasury strategy, and whether additional ETH-treasury firms face similar discount sales.
For now, the message is hard to miss. In ETH treasury plays, price risk and execution timing can turn a “network stake” pitch into balance-sheet damage.