Staking Now Generating 60% of Revenue for Ethereum Treasury Firms, Says EverStake

Ethereum treasury companies are increasingly relying on staking income to justify their existence as spot Ether ETFs make passive crypto exposure cheaper and more accessible for investors.

A report from staking infrastructure provider Everstake found that staking generated roughly 60% of disclosed revenue among publicly traded Ethereum treasury firms that separately reported staking-related income. The analysis reviewed 15 listed companies pursuing Ether treasury strategies, including firms such as BitMine Immersion Technologies, Bit Digital and BTCS.

The shift highlights how Ethereum treasury firms are attempting to differentiate themselves from spot Ether exchange-traded funds, which now offer institutional investors low-cost exposure to ETH without the operational risks associated with corporate treasury structures.

Unlike Bitcoin treasury companies that largely depend on balance-sheet appreciation, Ethereum-focused firms are increasingly monetizing

• validator operations,
• liquid staking, and
• DeFi yield strategies

to generate recurring revenue from dormant holdings.

The economics are becoming critical as the sector faces mounting pressure from ETFs. Analysts say treasury companies risk losing their valuation premium if they cannot produce returns above what institutional investors can earn through regulated staking-enabled funds.

Everstake’s report showed that companies disclosing losses in 2025 posted combined net losses of approximately $1.41 billion underscoring the volatility tied to holding large crypto reserves. BitMine Immersion Technologies alone reported a $90.2 million loss for the six months ended Feb. 28, though Everstake said much of the decline stemmed from digital asset valuation swings rather than core operations.

At the same time, Ethereum treasury firms continue accumulating and staking large portions of supply. BitMine Immersion Technologies recently crossed 1.5 million staked ETH – about 4% of all Ether staked on Ethereum’s Beacon Chain according to market data.

The broader Ethereum treasury trade has expanded rapidly over the past year. Industry estimates cited in market research suggest the five largest ETH treasury companies collectively control more than 5.5 million ETH, equivalent to roughly 4.6% of total circulating supply.

Some analysts warn the model may become harder to sustain if staking-enabled ETFs gain traction. Asset managers including BlackRock have explored staked Ether ETF structures that could offer institutional investors direct yield exposure without the complexity or leverage risks embedded in treasury firms.

That dynamic is pushing Ethereum treasury companies deeper into yield optimization strategies including liquid staking, basis trading, and DeFi deployments, in an effort to maintain valuation premiums over net asset value.

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