FG Nexus Down $85 Million on Ethereum Treasury After Peak Buy

Following a significant wager on Ethereum [ETH] near its peak, FG Nexus is currently losing over $85 million on its Ethereum treasury strategy. In August and September 2025, the company spent about $196 million and acquired 50,770 ETH at an average price of $3,860 per token. Ethereum, however, was unable to sustain those levels and saw a massive drop in the months that followed. As a result, in November 2025, FG Nexus started to decrease its exposure and eventually sold 36,025 ETH at an average price of $2,330 per coin. Although the tokens were sold for roughly 40% less than their purchase price, these sales resulted in large losses even though they generated about $83.92 million. While the company's remaining holdings of about 14,745 ETH continue to trade below the original purchase price, resulting in additional unrealized losses, the drawdown is mostly due to realized losses from the ETH already sold. Because of this, FG Nexus's Ethereum treasury position is now more than $85 million underwater due to the combined effect of realized and paper losses. This occurred when ETH was down 6.84% from the day before, trading at $1,753.53. In fact, the altcoin also experienced a more than 25% decline in the past month. The number of active addresses, however, is close to 450,600. According to the data, there is a clear gap between network engagement and market valuation, indicating that even though the Ethereum network is still attracting users, on-chain activity has not resulted in improved price performance. Additionally, the Ethereum Spot Taker CVD (90-day) in 2026 indicated a never-ending conflict between aggressive buyers and sellers. Although Ethereum's price is still far below its previous highs, the indicator has most recently stayed in the green, indicating that aggressive Spot buyers are once again intervening. This suggests that the renewed buying activity has not yet been strong enough to cause a significant upward move. All of this occurs as Bitmine adds another 25,000 Ethereum to its treasury, equivalent to about $47.98 million from BitGo. Simultaneously, Sharplink has earned a total of 20,590 ETH in staking rewards.