FG Nexus Exits Crypto for Mobile Homes After $45M Loss

Woofun AI reports that FG Nexus has executed a strategic pivot away from digital assets, liquidating its Ethereum positions to redirect capital toward mobile home parks and a potential combination with FG Communities.

The financial impact of this exit was severe during the first half, as staking revenue of merely $144,000—representing just 0.3% of the total—failed to mitigate a $45.207 million loss from discontinued operations. This aggregate deficit comprised a $41.167 million loss on ETH digital assets, $2.793 million in impairment on digital intangibles, and $1.789 million in general and administrative expenses, which were only partially offset by a $398,000 gain on digital intangibles.

Woofun AI data shows gross sale proceeds from ETH sales totaled $60.956 million in the first half, with an additional $14.983 million receivable as of June 30 collected in July. These figures reflect gross inflows rather than net profits, highlighting the disparity between cash generation and realized losses during the wind-down period.

The company intends to reallocate all capital to land-lease manufactured-housing properties, citing durable cash flow and long-term demand tailwinds.

However, the proposed transaction remains preliminary, with a special committee still reviewing the proposal and no definitive agreement reached.