FG Nexus

FG Nexus (Nasdaq: FGNX) is a U.S. listed company that previously operated as an Ethereum treasury vehicle, accumulating ETH and generating on-chain yield through staking. Its core offering included common stock tied to ETH performance and preferred shares with an 8% annual dividend, fully backed by Ethereum collateral. The company also tokenized its shares on Ethereum via Securitize, making it one of the first U.S. listed firms to offer real equity on-chain.

Its competitive narrative centered on being "Ethereum's MicroStrategy with staking yield": permanent capital without margin calls, 100% staking of holdings (vs. ~50% for ETFs due to redemption constraints), and the ability to trade at a premium to NAV in bull markets. This addressed pain points of traditional crypto ETFs — limited staking, NAV-bound pricing, and forced liquidation risks.

However, in the six months from March to September 2026, FG Nexus underwent a dramatic reversal. Following a market downturn starting October 2025, the company rapidly reduced its ETH position and by June 30, 2026, had sold all its ETH and wrapped staked ETH (wstETH), recording a total loss of approximately $45.2 million on its digital asset operations, including $41.2 million directly attributed to ETH investments. The company then pivoted to real estate, announcing plans to establish a subsidiary focused on land-lease manufactured housing and evaluating a potential combination with FG Communities to enter the affordable housing market. As of mid-2026, FG Nexus no longer holds any cryptocurrency.