Ethereum Treasury Firms Shift to Staking as Spot ETFs Cut Demand
Everstake found staking made up about 60% of reported revenue at six public ETH treasury firms as spot ETH ETFs reduced demand for passive holdings.
An Everstake report reviewed 15 publicly listed companies that use Ethereum as a treasury asset and found staking accounted for about 60% of reported revenue among six firms that disclosed staking income: BitMine Immersion Technologies, SharpLink, Bit Digital, Forum Markets, BTCS and FG Nexus. Companies that did not separate staking rewards or had pending results were excluded from that figure.
The report said firms in its wider sample that reported 2025 losses posted roughly $1.41 billion in combined net losses. BitMine reported a $9.02 billion net loss for the six months ended Feb. 28; Everstake attributed most of that figure to unrealized losses on digital assets rather than operating losses.
Everstake linked the revenue shift to the launch of spot Ether exchange-traded funds, which provide a direct, passive way for investors to hold ETH. The report said those ETFs reduced the premium previously available to public companies that held ETH only for passive exposure.
To support valuations, the report found treasury firms are increasingly deploying assets into protocol staking, liquid staking products, decentralized finance lending, validator-level strategies and miner extractable value capture.
Everstake co-founder Bohdan Opryshko wrote in the report, “DATs that rely on passive exposure are being structurally repriced.” He added deployment is no longer limited to standard protocol staking and that staking revenue will not automatically offset risks such as ETH price swings, share dilution, net asset value discounts, financing costs and operating expenses.
Ignacio Aguirre, chief marketing officer at Bitget, cautioned against attributing the repricing entirely to ETFs, saying investors also weigh ETH price movements, balance sheet strength, dilution risk, execution and market sentiment. Aguirre said staking can provide a recurring revenue stream but that its benefit depends on whether yields cover operating costs and other pressures.
The report notes the 60% staking figure comes from firms that disclosed staking income separately and excludes companies that did not break out those rewards or had pending financial results.
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