ETH Treasury Firms Rely on Staking Revenue as Losses Top $1.4B, Everstake Says

Staking Drives 60% of Revenue for ETH Treasury Companies

Publicly listed ether treasury companies are facing a tougher market, and staking is emerging arsenic 1 of the fewer reliable sources of revenue, according to a caller survey by Everstake and shared with Bitcoin.com News.

The staking supplier reviewed yearly reports, quarterly filings, net releases and different nationalist disclosures from 15 companies with ethereum treasury strategies. Among firms successful the radical that had fiscal 2025 results disposable and reported nett losses, combined losses reached astir $1.41 billion.

The unit did not halt there. Bitmine Immersion Technologies reported a abstracted $9.02 cardinal nett nonaccomplishment for the six months ended Feb. 28, 2026, adjacent aft posting nett income of $348.6 cardinal for its fiscal 2025 year.

The results travel during a weaker play for integer assets. Everstake noted that the full crypto marketplace capitalization fell astir 30.6% implicit 7 months, sliding from $3.69 trillion to $2.56 trillion.

Yet the survey besides recovered a wide divided wrong the sector. Companies that actively deployed their ETH generated acold much meaningful operating gross than those that simply held tokens.

Across the six firms that separately disclosed staking-related figures, staking accounted for an mean of 60% of full reported revenue. Those companies were Bitmine, Sharplink, Bit Digital, Forum Markets, BTCS, and FG Nexus.

Sharplink reported a $734.6 cardinal nett nonaccomplishment connected $28.1 cardinal successful revenue. Bit Digital posted an $80.3 cardinal nonaccomplishment connected $113.6 cardinal successful revenue. BTCS recorded a $33.4 cardinal nonaccomplishment connected $16.5 cardinal successful revenue.

Still, staking helped offset immoderate of the damage. Bit Digital reported $7 cardinal successful ETH staking rewards for 2025, up 287% from the anterior year. Sharplink reported $25.6 cardinal successful staking revenue, portion Forum Markets disclosed $6.5 million.

Comparison of ETH staking gross against nett fiscal results for publically listed ETH treasury companies. Source: Everstake

The findings constituent to a broader repricing of integer plus treasury (DAT) companies. Everstake said the 283 largest DAT firms clasp a combined $118.3 cardinal successful underlying assets, with an aggregate premium of 17.7%. But galore idiosyncratic DAT stocks present commercialized beneath the worth of their crypto holdings.

That marks a displacement from earlier marketplace cycles, erstwhile nationalist crypto treasury companies were among the fewer regulated routes for equity investors seeking integer plus exposure. Spot bitcoin and ether ETFs person changed that equation by offering simpler and often cheaper access.

Bohdan Opryshko, Everstake’s co-founder and CEO, said the marketplace is rewarding deployed assets implicit idle balances.

DATs that trust connected passive vulnerability are being structurally repriced, portion those that actively deploy superior are mounting the caller standard. That deployment is nary longer constricted to modular protocol staking. It includes liquid staking, integration into DeFi lending markets, optimized artifact construction, and MEV capture.

Everstake’s decision is blunt: size unsocial is nary longer enough. For ETH treasury companies, the adjacent trial is not however overmuch ether they hold, but however efficiently they enactment it to work.