FG Nexus Faces $85.9M Unrealized Loss on 40,093 ETH Holdings as Ethereum Strategy Pressured

According to treasury tracking data, FG Nexus holds approximately 40,093 ETH with a current value near $71.8 million against an estimated acquisition cost of $157.7 million, resulting in an unrealized loss of approximately $85.9 million, or about 54.5% of the original cost basis. The Nasdaq-listed company accumulated much of its ETH when the asset traded near cycle highs, with an average cost close to $3,934 per ETH.

The company, formerly known as Fundamental Global, moved aggressively into Ethereum in 2025 after raising $200 million through a private placement to fund its digital asset treasury strategy. The losses highlight risks that public companies face when using volatile digital assets as primary reserve assets, with FG Nexus's market capitalization now below the reported cost of its ETH holdings.