CaiKu Company FG Nexus Faces Losses After Selling ETH; How Long Can $120 Million Holdings Last?

Ethereum Treasury Company FG Nexus sold 2,500 ETH today, valued at $8.04 million. Behind this transaction lies an awkward fact: the company previously bought ETH in large amounts at high prices and is now deeply in a loss. From a peak of $200 million to now $120 million, FG Nexus’s treasury has shrunk, and its stock valuation has fallen below the value of its ETH holdings.

Treasury company’s high-level buy-in and continuous reduction

Price difference between buying and selling

FG Nexus purchased 50,770 ETH at an average price of $3,944 per ETH, totaling $200 million, between August and September 2025. This period corresponds to ETH’s peak last year. Now, the company is selling ETH at about $3,216 per ETH (selling 2,500 ETH for $8.04 million), which is approximately 18% below the purchase cost.

Why continue to sell at loss

According to the latest news, FG Nexus has reduced a total of 13,475 ETH, realizing a loss of $11.52 million. Continuing to sell while in a loss state often reflects several considerations: first, responding to market liquidity needs; second, pessimistic expectations of short-term price rebounds; third, efforts to improve the company’s financial situation.

Trust issues behind mNAV discount

Why is the stock market value below ETH value

FG Nexus’s mNAV (Modified Net Asset Value) is 0.84, meaning the company’s stock market value is below the value of its ETH assets. In other words, the market discounts this treasury company’s valuation by 16%.

Such a discount is not uncommon among treasury companies but usually indicates market concerns such as:

• Doubts about management capabilities
• Expectations of further reduction of holdings (diluting shareholder value)
• Pessimism about ETH’s price outlook
• Concerns over the company’s liquidity

Relationship between current ETH price and treasury dilemma

As of the latest data, ETH’s current price is $3,181.72, about 19% below FG Nexus’s purchase cost of $3,944. Looking at recent trends, ETH has fallen 1.01% in the past 24 hours, risen 2.45% over the past 7 days, and increased 6.85% over the past 30 days. This indicates ETH is in a slow recovery phase but has not yet returned to the company’s cost basis.

Key future points to watch

FG Nexus’s ability to turn the situation around depends on several key factors. First, whether ETH can break through $3,944 again, which is necessary for the company to become profitable. Second, whether the company will continue to reduce holdings to cope with liquidity pressures, which could further depress ETH prices. Third, whether market confidence in the treasury company can be restored, eliminating the mNAV discount.

From the current situation, FG Nexus is still holding most of its position (37,594 ETH), indicating confidence in ETH’s long-term prospects. However, ongoing losses and reduction actions are testing this confidence’s bottom line.

Summary

FG Nexus’s predicament is a typical story of “buy high, sell low.” The company bought $200 million worth of ETH at a high in 2025, and now, due to price declines, has lost over $10 million. Although it still holds ETH assets worth $120 million, the discount in stock valuation reflects market concerns about its future. The key questions are: can ETH rebound above $3,944, and can FG Nexus hold on without being forced to sell significantly? This also reminds us that even treasury companies cannot escape the risk of losses amid crypto market volatility.