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About FG Nexus
FG Nexus is a Nasdaq-listed company (FGNX/FGNXP) that launched an Ethereum treasury strategy in July 2025, designating ETH as its primary reserve asset and boosting yield through native staking and wrapped staked ETH positions, peaking at roughly 50,000 ETH. The model belongs to the listed-vehicle-plus-digital-asset-treasury category, with the share price carrying ETH exposure, staking yield and an RWA tokenization narrative at once.
In June 2026 the board authorized a full exit from the digital asset business, and all ETH and wrapped staked ETH were sold before June 30; the segment recorded about 45.2 million USD in operating losses for the first half, of which roughly 41.17 million tied to ETH holdings, against only 144,000 USD of staking revenue, with total cash proceeds near 75 million USD. The cash flow from yield enhancement was far too small to offset the write-down on the exposure, making it a textbook sample of treasury strategy behavior in a weak price environment.
FG Nexus (FGNX) 's latest report is the Q2 FY2026 report (quarter ended June 30, 2026): revenue of $242 thousand and net income of -$18.29 million, EPS -$3.07, operating income -$2.15 million, gross margin --, operating cash flow -$4.54 million, total assets $69.33 million, digital asset holdings -- (all ETH and other digital assets were liquidated before June 30, 2026). The company is a merchant-banking and real-estate business that formerly used ETH as its primary treasury asset but has exited digital assets and is pivoting to affordable housing. Revenue rose 16.9% year over year and the period swung to a net loss. Key risks are the large loss from exiting digital assets and execution of the real-estate pivot.
Kyle Cerminara — Co-Founder, Chairman & CEO; led the transformation from Fundamental Global into an Ethereum treasury company.
Maja Vujinovic — CEO of Digital Assets and Director; early blockchain pioneer; former CIO of Emerging Technologies at GE; helped acquire the first bank for Tether.
Theodore Rosenthal — President of Digital Assets; founder of hedge fund TMR Capital; early investor in Maker, Aave and Hyperliquid.
Joe Moglia — Co-Founder & Executive Advisor; former Chairman and CEO of TD Ameritrade.