According to Lookonchain, FG Nexus purchased 50,770 ETH at an average price of $3,860 between August and September 2025, with a total investment of approximately $196 million. Starting in November 2025, they began selling and have so far sold 36,025 ETH at an average price of $2,330, recovering about $83.92 million. FG Nexus has accumulated losses of over $85 million on its Ethereum treasury strategy.