ETH Reddit Mentions | ChartExchange

This one's overlooked because the history is embarrassing, not because the numbers are bad. That's usually the setup I look for.
**What it is**
FG Nexus (Nasdaq: FGNX) is a Fundamental Global holding company that turned itself into an Ethereum treasury company in 2025. The stock went from $45 to $4 and trailing net loss is about $121M, almost all crypto markdowns. Everyone who owned it for the ETH story has left. In July they announced they were done with digital assets and going into real estate. This morning the board approved it.
**What was approved today**
* Strategy to acquire affordable housing communities, meaning land-lease manufactured home parks. Direct acquisitions plus a stake in an operator.
* $10M into FG Communities for \~10%. Private, self-managed, 96 communities and 4,000+ homesites owned or under contract.
* Rename to FG Communities Holdings. Ticker becomes $FGC, preferred $FGNXP becomes $FGCPP.
* Related party (Cerminara chairs both), reviewed by a special committee of independent directors with an outside financial advisor.
* Future deals funded by cash, debt, and stock issuance.
**The numbers (June 30 10-Q)**
* Cash: $24.9M
* Total debt: $1.8M
* Shareholders' equity: $64.1M
* Book value per share: $8.66
* Shares out: \~5.1M
* Yesterday's close: $8.28, market cap \~$42M
So price to book is about 0.95, cash is roughly 60% of the market cap, and there's basically no debt. You're being handed a near-clean balance sheet at book value because the last strategy blew up.
**Why manufactured housing**
It's the least sexy and most reliable corner of real estate. Residents own the home and rent the dirt. Moving a manufactured home costs more than the home is worth, so turnover is near zero and lot rents go up every year. Sun Communities and ELS compounded for two decades on this, then private equity piled in. The release cites a $500B+ addressable market. A $25M cash pile plus modest leverage buys a real portfolio of 20 to 50 pad parks in the Midwest and Southeast, which is the size range the big REITs can't be bothered with.
**What could go wrong**
The $64M equity includes an 8% cumulative preferred that ranks ahead of common, so common book is lower than the headline. About $44M of June assets weren't cash and some of that was probably still crypto being sold down, so Q3 book could come in under June. The $10M FG Communities check is 40% of cash into a related-party private company at a valuation nobody outside can verify. And they've said stock issuance is a funding source, so the share count is going up; the whole thesis depends on whether they issue above or below book. Also, third strategy in five years. Sponsors who keep changing lanes aren't usually where minority holders win.
**Why I think it's still worth it**
At book with mostly cash, the downside is that they slowly waste the money, not that it goes to zero overnight. The upside is a rename, a ticker change, a first acquisition announcement, and a re-rate from "failed crypto vehicle" to "small real estate operator," which typically trades at a premium to book, not a discount. Catalysts are lined up over the next couple of quarters and the market hasn't priced any of them because nobody's looking.
Watching Q3 for what the balance sheet looks like after the crypto exit and for the first direct acquisition. If book holds and the first deal is at a sane cap rate I'll add.
Long, small position. Do your own work.
Source: [press release](https://www.globenewswire.com/news-release/2026/09/16/3363174/0/en/fg-nexus-board-of-directors-approves-affordable-housing-real-estate-acquisition-strategy-and-10-million-investment-in-fg-communities.html), balance sheet from the Q2 10-Q.

.dark-mode .z837Hb{ color: white; background-color: #333333; border: 2px solid white; }.light-mode .z837Hb{ color: #333333; background-color: white; border: 2px solid #333333; }ETHEUREthereum / Eurocrypto

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