Nasdaq-listed FG Nexus has sold every digital asset it held and closed out its corporate Ethereum treasury strategy less than a year after launching it. In an August 12 SEC filing, the merchant bank disclosed it held no cryptocurrency at all as of June 30, having sold its remaining ETH and wstETH ahead of the quarter's close. The company's ETH holdings had peaked above 50,000 tokens earlier in the strategy's short life.
The exit came at a steep cost. FG Nexus reported a net loss of $56.9 million for the first half of 2026, driven largely by losses on its discontinued digital-asset operations and impairments elsewhere in its portfolio, on just $0.5 million of revenue over the same period. Staking rewards from the ETH holdings brought in only about $144,000 — a fraction of the losses the position ultimately generated.
From ETH Treasury to Real Estate
FG Nexus, formerly known as Fundamental Global, announced its Ethereum treasury strategy in July 2025 and began building the position the following month, joining a wave of small-cap public companies that adopted crypto-treasury models in the hope of trading at a premium to their underlying holdings. The board authorized management to fully exit the digital-asset business in June 2026, redirecting the freed-up capital toward real estate, including a planned move into manufactured and affordable housing. The company's 10-Q filing confirms cash and equivalents of roughly $24.9 million and total assets of about $69.3 million as of quarter-end, with equity holdings making up a sizable share of what remains on the balance sheet.
Another Data Point Against Treasury Strategies
FG Nexus is not the first small-cap digital-asset treasury company to unwind its position this year, and the speed of its reversal — from launch to full liquidation in under twelve months — adds to a growing body of evidence that the model is far harder to sustain than the pitch suggested. Several other digital-asset treasury vehicles have trimmed or exited crypto holdings in 2026 as share prices failed to hold the premiums that justified raising capital to buy tokens in the first place, leaving companies exposed to both crypto price swings and the market's shifting appetite for the strategy itself.
