FG Nexus's large position in Ethereum, established near its peak, has resulted in losses exceeding $85 million. The company invested approximately $196 million between August and September 2025, purchasing a total of 50,770 ETH at an average price of approximately $3,860 per ETH. Subsequently, the price of ETH continued to decline, quickly turning this treasury allocation into a deep unrealized loss.
After buying at a high price, the position was reduced.
By November 2025, FG Nexus began reducing its Ethereum exposure, eventually selling 36,025 ETH at an average price of approximately $2,330 per ETH. At this price, the sold assets represented a discount of about 40% to the purchase cost, resulting in a cash-out of approximately $83.92 million, but also confirming a substantial loss.
Currently, the company still holds approximately 14,745 ETH. As the current price remains significantly lower than the initial entry point, the remaining positions continue to incur unrealized losses. The report indicates that FG Nexus's current total loss on its Ethereum treasury position primarily consists of the actual losses from the sold portions and the paper losses from the remaining holdings.
The weakening price of ETH is diverging from on-chain activity.
At the time the report was published, ETH was trading at $1753.53, down 6.84% in a single day and more than 25% in the past month. However, the number of active on-chain addresses remained close to 450,600, indicating that network usage had not cooled down accordingly.
This change reflects a significant disconnect between Ethereum on-chain engagement and token price performance. In other words, the network is still attracting users, but on-chain activity has not yet translated into price correction.
Spot buying rebounded, but the momentum was limited.
The article mentions that the Ethereum Spot Taker CVD (90-day) for 2026 still shows a continued tug-of-war between buyers and sellers in the spot market. This indicator recently turned positive again, meaning that more proactive spot buying is starting to return to the market.
However, this round of buying is not yet enough to drive a significant rebound in ETH. Meanwhile, other institutions continue to increase their holdings or generate returns through staking.
- Bitmine adds 25,000 ETH to its treasury.
- According to the article, this portion of the assets is worth approximately $47.98 million.
- Sharplink has accumulated 20,590 ETH in staking rewards.
The FG Nexus case demonstrates that after building a crypto asset treasury at high prices, a rapid price drop can quickly translate into actual losses for the company. For the current ETH market, on-chain activity and a partial recovery in buying interest have provided some support, but the price itself has not yet shown a corresponding improvement.
