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FG Nexus liquidates its Ethereum and shifts to manufactured housing

In its first half, the firm reported about $60.956 million in cash proceeds from ETH sales, while posting roughly a $45.207 million loss from discontinued digital asset operations.

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FG Nexus, the Nasdaq-listed merchant bank previously known as Fundamental Global, has ended its Ethereum treasury strategy and sold all of its digital assets before June 30, according to an Aug. 12 SEC filing cited by CryptoSlate. The company said it held no cryptocurrency at quarter-end and disclosed that it generated $60.956 million in cash proceeds from ETH sales during the first half, plus $14.983 million in receivables from digital asset sales collected in July.

The filing also highlights the limited offset from staking income. FG Nexus reported $144,000 of staking revenue during the first half, which it characterized as roughly 0.3% of a $45.207 million loss tied to its discontinued digital asset operations, including a $41.167 million loss on ETH digital assets.

CryptoSlate reports that the first-half loss was not solely tied to realized selling impacts. The discontinued operations loss included a $2.793 million impairment on digital intangibles and $1.789 million of general and administrative expenses, partially offset by a $398,000 gain on digital intangibles.

FG Nexus said the Ethereum exit supports a broader pivot toward real estate, including plans to establish an operating subsidiary focused on land-lease manufactured housing properties and to evaluate a potential combination with FG Communities. The outlet also notes the company reported about a $56.9 million consolidated net loss for the first half of the year, reflecting wider deterioration during the period.

Latest closeEthereum $1,877.45 ▼0.0%|Nasdaq Comp. 26,588.49 ▲0.5%

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