Staking has become the dominant revenue driver for publicly listed Ethereum treasury companies, accounting for roughly 60% of disclosed revenue among firms that separately reported staking income in 2025, according to a new report from staking infrastructure provider Everstake.
The findings highlight how Ethereum-focused treasury firms are increasingly relying on staking yields and other on-chain revenue strategies as competition from spot crypto exchange-traded funds (ETFs) reshapes the digital asset investment landscape.
Ethereum Treasury Firms Shift Toward Yield Generation
Everstake analyzed 15 publicly traded companies pursuing Ethereum treasury strategies and found that firms actively staking ETH were generating a substantial portion of their operating revenue from validator rewards and yield-related activities.
According to the report, the 60% figure was calculated using six companies that separately disclosed staking-related revenue:
- BitMine Immersion Technologies
- SharpLink
- Bit Digital
- Forum Markets
- BTCS
- FG Nexus
Everstake said staking has evolved from a supplementary treasury activity into a “major contributor to reported top-line performance” for Ethereum treasury companies.
Spot ETFs Pressuring Traditional Treasury Models
The report argues that spot Ethereum ETFs have weakened the appeal of public companies that simply hold ETH as passive treasury exposure.
Before the approval and expansion of crypto ETFs, publicly traded treasury firms provided one of the few regulated ways for institutional and retail investors to gain indirect exposure to Ethereum.
Now, with spot ETFs offering direct crypto exposure through traditional financial markets, treasury companies are increasingly being forced to differentiate themselves through active yield generation strategies.
Everstake said firms are turning to:
- ETH staking rewards
- DeFi lending strategies
- MEV (maximal extractable value) capture
- Validator infrastructure services
- On-chain yield optimization
to justify premium valuations.
Treasury Firms Still Reporting Heavy Losses
Despite growing staking income, many Ethereum treasury firms remain deeply unprofitable due to crypto market volatility and large unrealized digital asset losses.
Everstake’s report found that ETH treasury firms with available FY2025 results collectively posted approximately $1.41 billion in net losses.
Among the companies highlighted:
- SharpLink reportedly posted a $734.6 million net loss on $28.1 million in revenue.
- Bit Digital recorded an $80.3 million net loss despite generating $113.6 million in revenue.
- BTCS logged a $33.4 million net loss on $16.5 million in revenue.
Meanwhile, BitMine Immersion Technologies reportedly disclosed a staggering $9.02 billion net loss across the six months ending February 2026, though much of that loss was attributed to unrealized valuation swings in digital assets rather than operational performance.
Staking Revenue Continues Growing Rapidly
Several firms reported significant growth in staking income during 2025.
Everstake noted that Bit Digital generated roughly $7 million in ETH staking rewards during the year, representing a 287% increase year-over-year.
Other companies also disclosed sizable staking-related revenue streams:
- SharpLink reportedly generated approximately $25.6 million from staking.
- Forum Markets disclosed around $6.5 million in staking income.
The report suggests institutional investors increasingly view Ethereum not only as a speculative asset but also as a yield-generating digital infrastructure layer.
Ethereum Staking Economy Expands
The broader Ethereum staking ecosystem has continued expanding following major network upgrades and increased institutional participation.
Community discussions across crypto forums and analysts have highlighted how staking is becoming central to Ethereum’s institutional investment thesis.
Recent Ethereum network upgrades have also improved validator efficiency, reduced activation times, and expanded staking participation across the ecosystem.
Industry observers believe the trend could accelerate as more treasury firms attempt to generate recurring cash flow rather than relying solely on ETH price appreciation.
Everstake Says Treasury Firms Face Structural Repricing
Everstake warned that digital asset treasury companies are entering a period of structural repricing as investors become more selective.
The report argues that passive crypto exposure alone may no longer justify large public-market premiums now that regulated ETFs offer similar access with lower operational complexity.
Instead, companies capable of generating sustainable staking yields and on-chain revenue may gain a competitive advantage in the evolving crypto-financial landscape.
Everstake co-founder Bohdan Opryshko reportedly said treasury firms are now being evaluated more like operating businesses than passive holding vehicles.
Institutional Ethereum Strategies Continue Evolving
The findings reflect a broader institutional shift toward treating Ethereum as productive digital infrastructure rather than simply a volatile crypto asset.
Large treasury holders increasingly view ETH staking as a way to generate recurring returns while supporting Ethereum’s network security and validation system.
As Ethereum adoption expands across decentralized finance, tokenization, and stablecoin infrastructure, analysts believe staking could become one of the most important long-term revenue sources for institutional ETH holders.
The Everstake report suggests that the future success of Ethereum treasury companies may depend less on speculative price movements and more on their ability to operate sustainable yield-generating blockchain businesses.
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