FG Nexus, the Nasdaq-listed merchant bank formerly known as Fundamental Global, has exited crypto entirely. The company sold off its full Ethereum treasury in the first half of 2025 and disclosed a $45.2 million loss from the discontinued digital-asset operation. CEO Kyle Cerminara said the firm is now putting all its capital into real estate, specifically manufactured housing.
The Ethereum exit
The company held more than 50,000 ETH at its peak, having launched the digital-asset operation in August 2025 after announcing the strategy in July. The liquidation brought in $60.956 million in cash proceeds from ETH sales during the first half, plus a $14.983 million receivable from digital-asset sales as of June 30, which was collected in July. The loss on the ETH holdings alone was $41.167 million, with another $2.793 million in impairment on digital intangibles and $1.789 million in general and administrative expenses. A $398,000 gain on digital intangibles and staking revenue of $144,000 offset only a sliver of that.
The real estate pivot
Cerminara said the company intends to reallocate all capital from digital assets to cash-flow-producing real estate. The plan is to establish a subsidiary focused on land-lease manufactured-housing properties. He cited manufactured housing's durable cash flow and long-term demand as the reason. The company is also evaluating a potential combination with FG Communities, a move that would expand its footprint in that space.
The FG Communities deal
The potential acquisition of FG Communities is still preliminary. A special committee is reviewing the proposal, and no definitive agreement has been reached. That means the deal could fall through, but it signals where FG Nexus is headed.
The financial picture
FG Nexus reported a consolidated net loss of about $56.9 million for the first half of 2025. The digital-asset operation contributed the bulk of that, with staking revenue of just $144,000 — a fraction of the loss. The company held no cryptocurrency at quarter-end, so the pivot is complete.
