By FG Nexus has sold its entire cryptocurrency portfolio, bringing a rapid end to an Ethereum treasury strategy that less than a year ago was positioned as the centerpiece of the Nasdaq-listed company’s future.
The company disclosed in its latest quarterly filing that it held no digital assets as of June 30, 2026. FG Nexus generated $60.96 million in cash proceeds from Ether sales during the first half and recorded another $14.98 million receivable from digital-asset sales at quarter-end, which was collected in July.
The exit represents a dramatic reversal. FG Nexus, formerly Fundamental Global, began its Ethereum strategy following a July 2025 private placement and initially sought to accumulate ETH while generating additional returns through staking and real-world asset tokenization.
By September 2025, the company had accumulated more than 50,000 ETH. At December 31, it still held 40,093 ETH valued at $119.4 million.
Ethereum Strategy Produces Heavy Losses
FG Nexus continued reducing its cryptocurrency exposure throughout 2026 as Ether prices weakened. At March 31, its portfolio had fallen to 20,637 ETH and 7,659 wrapped staked ETH, with a combined fair value of approximately $60.7 million. Three months later, that balance was zero.
The financial cost was substantial. FG Nexus reported a $45.2 million operating loss from its discontinued digital-asset operations during the first half of 2026. That included approximately $41.2 million in losses on ETH and $2.8 million in impairment charges related to wrapped staked Ether.
The business generated just $144,000 in staking revenue over the period, alongside a $398,000 gain from changes in the fair value of digital assets.
FG Nexus had initially promoted staking as an important component of its strategy. In September 2025, management said it intended to stake and restake ETH to increase “ETH Yield” and described Ethereum as the foundation of global digital finance.
The company’s overall net loss reached $56.9 million during the first half of 2026, while stockholders’ equity declined to $64.1 million from $143.5 million at the end of 2025.
From Ethereum Treasury to Real Estate
FG Nexus is now redirecting capital toward a markedly different asset class: income-producing real estate.
On June 24, its board authorized management to exit the digital-asset business and establish a real estate operating subsidiary focused primarily on land-lease manufactured housing properties.
The company is also evaluating a potential combination with FG Communities, a real estate company focused on manufactured housing communities. No definitive transaction has been announced.
The strategic reversal illustrates the risks faced by publicly traded companies that adopted cryptocurrency treasury strategies during stronger markets.
FG Nexus originally described ETH as its primary treasury asset and said its strategy would combine accumulation, staking and tokenization. Within months, however, falling cryptocurrency prices forced the company to reduce exposure before ultimately abandoning the business.
The timeline is unusually short. FG Nexus purchased 47,331 ETH in August 2025 as part of the strategy’s initial rollout. By June 30, 2026, less than 11 months later, every digital asset had been removed from its balance sheet.
FG Nexus is therefore no longer an Ethereum treasury company. Instead, management is betting that manufactured housing and other tangible, income-producing assets can provide a more durable foundation for the company after an expensive experiment with crypto.