FG Nexus wanted to be the MicroStrategy of Ethereum. Instead, it became a case study in what happens when you go all-in on a volatile asset at the wrong time.
The Nasdaq-listed company, formerly known as Fundamental Global and now trading under the ticker FGNX, has disclosed cumulative realized losses exceeding $85 million on its Ethereum treasury strategy as of early June 2026. The firm purchased approximately 50,770 ETH between August and September 2025 for roughly $196 million, at an average cost of around $3,860 per token. It has since been selling those holdings at dramatically lower prices, with recent sales averaging around $2,300 per ETH.
That is a roughly 40% haircut on cost basis.
How the trade went wrong
In mid-2025, FG Nexus raised $200 million through a private placement backed by prominent crypto-native firms including Galaxy Digital, Kraken, and Hivemind Capital. The thesis: park corporate treasury in Ethereum, ride the appreciation, and let the stock serve as a leveraged proxy for ETH exposure.
