FG Nexus, the Nasdaq-listed merchant bank formerly known as Fundamental Global, has wound down its Ethereum treasury less than a year after launching it, selling every token and holding no crypto by June 30.

An Aug 12 SEC filing shows its discontinued digital-asset operation lost $45.2 million in the first half, against just $144,000 of staking revenue. That figure is the total loss from the wound-down unit, including ETH markdowns and impairments, not a clean realized sale loss. The firm held more than 50,000 ETH at its peak and pulled in roughly $61 million of cash from the sales.

The board now plans to reallocate that capital into cash-flowing real estate, targeting manufactured-housing parks and a possible tie-up with FG Communities, though that deal is still preliminary.