Ethereum Treasury Firms Increase Staking Focus Amid ETF Competition

Ethereum Treasury Firms Increase Staking Revenue as Spot ETFs Reshape Public Market Exposure

Key Takeaways

• Staking accounted for an average of 60% of disclosed revenue among six Ethereum treasury firms, according to Everstake.
• Everstake reviewed 15 publicly listed companies with ETH treasury strategies.
• Loss-making firms in the sample reported combined net losses of about $1.41 billion in 2025.
• BitMine Immersion Technologies reported a $9.02 billion net loss for the six months ended Feb. 28, largely driven by unrealized digital asset losses.
• The report links increased focus on staking and yield strategies to growing competition from spot crypto ETFs.

Staking Becomes Core Revenue Source for ETH Treasury Companies

Ethereum treasury companies are increasingly relying on staking and other yield-generating strategies as pressure builds from spot crypto exchange-traded funds. This shift is outlined in a new report by staking infrastructure provider Everstake, which analyzed 15 publicly listed firms pursuing ETH treasury strategies.

Among six companies that separately disclosed staking-related income, staking accounted for an average of 60% of reported revenue. These companies include BitMine Immersion Technologies, SharpLink, Bit Digital, Forum Markets, BTCS and FG Nexus. Everstake excluded companies that did not break out staking rewards in their financial reporting or had pending annual results.

The figures suggest that staking has moved from a supplementary activity to a central revenue component for a subset of ETH treasury firms. In practice, this means that companies holding Ether are deploying part of their holdings to generate yield rather than relying solely on price appreciation.

Losses Highlight Financial Pressure Across the Sector

The Everstake report also highlights the financial strain facing parts of the sector. Companies in its sample that reported losses for 2025 posted about $1.41 billion in combined net losses.

Separately, BitMine Immersion Technologies reported a $9.02 billion net loss for the six months ended Feb. 28. According to the report, this figure was driven largely by unrealized losses on digital assets rather than operating losses. This distinction reflects the impact of digital asset price movements on balance sheets, particularly for firms with significant crypto holdings.

The reported losses underline that staking income alone does not shield companies from broader market volatility or accounting impacts linked to asset revaluations.

Spot ETFs Reduce the Appeal of Passive ETH Holding Models

Everstake frames the increased focus on staking within a broader repricing of digital asset treasury companies. These firms previously offered one of the few regulated pathways for public market investors to gain exposure to crypto assets.

According to the report, the introduction and expansion of spot crypto ETFs have weakened the premium previously attached to companies that simply hold Ether on their balance sheets. Spot ETFs provide investors with more direct exposure to crypto assets, which may reduce the relative appeal of equity vehicles that rely on passive holdings as their core strategy.

Everstake co-founder Bohdan Opryshko stated in the report that digital asset treasury companies relying on passive exposure are being structurally repriced. He added that asset deployment is no longer limited to standard protocol staking and now includes liquid staking, decentralized finance lending and validator-level strategies.

Opryshko clarified that the study does not argue staking revenue alone can support every ETH treasury model or offset all associated risks. He noted that ETH price volatility, share dilution, net asset value discounts, financing costs and operating expenses can outweigh staking yield, particularly for companies with weaker capital structures or less efficient treasury management.

He described the report’s central conclusion as narrower in scope: passive ETH accumulation is becoming harder to justify as a standalone public market strategy in an environment where spot crypto ETFs provide cleaner access to passive exposure. In that context, staking and other forms of active asset deployment may become necessary, though not sufficient, to sustain ETH treasury models.

ETFs as a Pressure Point, but Not the Only Factor

Ignacio Aguirre, chief marketing officer at crypto exchange Bitget, also commented on the competitive dynamics between ETH treasury companies and spot ETFs. He said that spot ETFs have made it more difficult for treasury companies to justify a valuation premium based solely on ETH exposure.

However, Aguirre cautioned against attributing the repricing entirely to ETFs. He emphasized that ETH treasury companies are equity vehicles, meaning investors evaluate them based not only on crypto exposure but also on balance sheet quality, dilution risk, treasury strategy, execution and broader market sentiment.

Aguirre stated that staking can strengthen the ETH treasury model by creating a recurring revenue stream. At the same time, he noted that the practical impact depends on whether the generated yield is sufficient to offset operating costs, dilution and asset price volatility.

He added that staking-enabled ETH ETFs could represent a future competitive factor for treasury companies. Nonetheless, he described such products as more complementary than existential threats in the current landscape.

For investors and market participants, including users monitoring the broader crypto ecosystem, these developments indicate that public companies holding Ether are adapting their strategies in response to changing access routes and investor expectations.

Our Assessment

The Everstake report documents a measurable shift in revenue composition among selected ETH treasury companies, with staking representing 60% of disclosed revenue for six firms. At the same time, significant reported losses across the sector highlight continued exposure to digital asset price movements and structural costs. The findings show that as spot crypto ETFs expand access to passive ETH exposure, treasury companies are increasingly turning to active yield strategies to support their financial models, while still facing market and balance sheet risks.