Ethereum Treasury Firms Turning to Staking for Revenue

Key Insights

• Ethereum treasury firms are increasingly relying on staking rewards.
• Staking drove 60% of revenue for ETH treasury firms in 2025.
• The continued decline in ETH value has left Ethereum treasury companies with massive losses.

Ethereum staking provider Everstake said staking rewards now account for most of the revenue disclosed by Ethereum treasury firms. The company reviewed filings tied to 15 ETH treasury companies and found that yield-generation strategies are becoming central to their business models.

The report also highlighted growing pressure on digital asset treasury firms as spot crypto exchange-traded funds attract investor attention away from passive holding structures.

Staking Drives Revenue for ETH Treasury Firms

The report noted that staking remains the only consistent form of revenue for the six ETH Treasury companies that released their staking data. According to Everstake, it accounted for 60% of the total reported revenue by these companies in 2025.

Companies like Sharplink even saw a larger share of their revenue from staking. With a total revenue of $28.05 million, $25.6 million came from staking. Forum, formerly Ethzilla, also reported that all its $6.5 million revenue was from staking.

However, Bit Digital recorded only $7 million in staking income out of its total $113.6 million revenue last year. Still, this was a 287% growth compared to 2024

BitMine, the largest Ethereum Treasury company, also reported $11.81 million in staking revenue for the period from September 2025 to February 2026. This represents over 80% of the $13.3 million the company generated in that period, as it did not start staking until mid 2025.

The high percentage of revenue from staking indicates that Ethereum Treasury companies are now focused on deploying accumulated ETH to sustain the model. Everstake COO Bohdan Opryshko noted that companies that stick with passive exposure risk structural repricing, which is why the company is moving to actively deploy capital.

The report noted that these treasury companies are not just staking Ethereum on the protocol. Some are also exploring liquid staking, integration with DeFi lending protocols, and advanced validator-level strategies.

Massive Losses Driving ETH Treasury Companies to Staking

Meanwhile,  the move towards staking and yield generation highlights how Ethereum treasury companies are managing the pressure of a declining market to remain relevant and viable.

With ETH in a downward trend that has led it to lose year-to-date, many treasury companies posted losses last year and remain on track for more losses in 2026. The arrival of ETH ETFs has also made passive holding firms less attractive for investors.

Everstake noted that in the 2025 financial year, all the ETH Treasury companies that reported their financials posted $1.41 billion in combined net losses. All these pale in comparison to the $9.02 billion in net loss recorded by BitMine over the six months ended February 28, 2026.

However, BitMine’s losses are mostly paper losses due to the decline in the value of the over 5.29 million ETH it holds. BitMine has continued to accumulate despite the price struggles, with the company focused on owning 5% of the total ETH supply.

The company insists that the current ETH prices are an attractive entry point and recently bought another 111,942 ETH for over $235 million. Its chairman, Tom Lee, is bullish on a supercycle for Ethereum, noting that Wall Street tokenization and agentic AI would be the key drivers.

Interestingly, BitMine is set to be added to the Russel 1000 index by June 26 with its market cap now around $11 billion, far above the $5.7 billion threshold required to be on the index. Lee has hinted that this could attract more demand for the stock, given that “many active managers only buy equities on the Russell 1000.”

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