TLDR
- FG Nexus sold all its digital assets before June 30, ending its Ethereum treasury strategy entirely.
- First-half digital asset operations lost $45.207 million, while staking generated only $144,000.
- ETH sales brought in $60.956 million cash, with another $14.983 million collected in July.
- The company held 50,770 ETH at its peak in September 2025 before starting the unwind.
- Management plans to shift capital into manufactured housing real estate, though no FG Communities deal is final.
FG Nexus has closed the book on its Ethereum treasury plan. The Nasdaq-listed company disclosed in an Aug. 12 filing that it sold all of its digital assets before June 30, 2026.
The filing reclassifies the digital asset business as discontinued operations. That means the company no longer counts crypto as part of its core business going forward.
FG Nexus received $60.956 million in cash from ETH sales during the first half of the year. Another $14.983 million was still owed at quarter end, and that amount was fully collected in July.
The Cost of the Ethereum Bet
The exit came at a steep price. FG Nexus reported a $45.207 million loss tied to its discontinued digital asset operations for the first six months of 2026.
That figure includes a $41.167 million loss on the ETH holdings themselves. It also includes a $2.793 million impairment on digital intangible assets and $1.789 million in general and administrative costs.
Staking revenue, meanwhile, added up to just $144,000 over the same period. The company’s total consolidated net loss for the first half reached $56.928 million.
The strategy began in July 2025, when FG Nexus said Ethereum would become its primary treasury asset. By Sept. 28, the company held 50,770 ETH, worth about $207 million at the time, with an average purchase price near $3,860.
The plan was funded with $200 million raised specifically for the Ethereum push. The company aimed to generate returns through staking and other opportunities tied to the asset.
By June, FG Nexus was already unwinding the position. A separate report showed the company moving another 10,000 ETH as losses on the treasury kept growing.
New Direction for the Cash
On July 1, FG Nexus announced its board had approved a full exit from digital assets. The plan is to build a real estate subsidiary focused mainly on manufactured housing properties with land leases.
CEO Kyle Cerminara said the company intends to move its capital from digital assets into real estate that produces steady cash flow. That plan is still forward looking and has not been finalized.
FG Nexus is also weighing a possible deal with FG Communities. The filing states that board discussions remain early stage, with no agreement reached yet.
An independent special committee is reviewing the potential transaction. It has hired a financial adviser to provide a fairness opinion before any deal moves forward.
The ETH sales have boosted the company’s cash position. FG Nexus reported $24.9 million in cash and equivalents at June 30.
After collecting the ETH receivable and receiving $15.5 million from the redemption of FG Merger II shares, cash climbed to about $51.4 million by July 31.
The company’s existing property in Quebec remains on its books. An earlier proposal to sell that property is now unlikely to close.
Shares of FG Nexus traded at $7.59 on Aug. 13, up about 8.9% from the prior close. That move follows the company’s earlier July 1 announcement of its crypto exit, so it cannot be tied only to the quarterly filing itself.
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