Ethereum treasuries rely on staking as losses hit $1.41B

Everstake reviewed annual reports, quarterly filings and other public disclosures from 15 publicly listed companies that follow Ethereum treasury strategies and found combined net losses of about $1.41 billion for fiscal 2025.

The study said the total crypto market capitalization fell about 30.6% over a seven‑month span, from $3.69 trillion to $2.56 trillion, a decline that coincided with losses across the group.

Everstake identified a split between firms that hold ether passively and those that deploy it for yield. Among six firms that disclosed staking metrics — Bitmine, Sharplink, Bit Digital, Forum Markets, BTCS and FG Nexus — staking accounted for an average of roughly 60% of reported revenue.

Sharplink reported a $734.6 million net loss on $28.1 million in revenue, including $25.6 million in staking revenue. Bit Digital posted an $80.3 million net loss on $113.6 million in revenue and reported $7 million in ETH staking rewards for 2025, up 287% from the prior year. BTCS reported a $33.4 million net loss on $16.5 million in revenue, and Forum Markets disclosed $6.5 million in staking revenue.

A separate filing showed larger swings at some companies. Bitmine Immersion Technologies recorded a $9.02 billion net loss for the six months ended Feb. 28, 2026, after reporting $348.6 million in net income for fiscal 2025.

Everstake also examined a broader group of digital asset treasury companies. The 283 largest such firms hold about $118.3 billion in underlying assets and the group carries an aggregate premium of 17.7%, the study said. The report noted that many individual public treasury stocks trade below the reported value of their crypto holdings.

The study cited wider market developments that affect investor access to crypto exposure. The availability of spot bitcoin and ether exchange‑traded funds has provided alternative ways for investors to gain crypto exposure, often with lower fees than some public treasury vehicles.

Everstake described several methods companies use to generate yield from ether, including liquid staking, integrating assets into decentralized finance lending markets, optimized block construction and capturing miner extractable value (MEV).

Bohdan Opryshko, Everstake’s co‑founder and CEO, wrote: “The market is rewarding firms that put assets to work rather than keeping them idle.”

The report provides company‑level figures on losses, revenue and staking income, and details market‑wide data on asset holdings and premiums for publicly listed firms pursuing Ethereum treasury strategies.