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FG Nexus is sitting on a massive unrealized loss of over 85 million USD from their Ethereum treasury play, and the numbers are brutal. According to Lookonchain, the firm accumulated 50,770 ETH between August and September 2025, spending roughly 196 million USD at an average price of 3,860 USD per ETH. But here is where it gets painful. Starting in November 2025, FG Nexus began offloading their position. They have already sold 36,025 ETH for just 83.92 million USD, averaging only 2,330 USD per ETH. Buying high and selling low is a classic recipe for disaster, and this one just cost them over 85 million in realized losses so far. With ETH currently trading around 2,650 USD, the remaining 14,745 ETH on their books is still deep in the red. A tough lesson in timing and treasury management. Always remember: even big players get caught on the wrong side of volatility. Manage your risk, not your ego.