According to Lookonchain, FG Nexus bought 50,770 ETH between August and September 2025 at an average price of $3,860, with a total investment of about $196 million; subsequently, starting from November 2025, they began selling, and have now sold 36,025 ETH at an average price of $2,330, recovering approximately $83.92 million. FG Nexus's cumulative loss on its Ethereum treasury strategy has exceeded $85 million.

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