Staking Now Drives 60% of Revenue at Ethereum Treasury Firms

Staking accounted for 60% of disclosed revenue across publicly listed Ethereum (ETH) treasury firms in 2025, according to a new study from staking provider Everstake released Tuesday.

The finding runs counter to massive combined net losses booked by ETH treasury firms.

Staking Drives 60% of ETH Treasury Revenue 

Among companies that separately disclosed staking-related revenue, yield generation has become a key operational signal. For example, Bit Digital reported $7 million in ETH staking rewards for 2025, up 287% year over year.

Everstake said staking is now a “major contributor to reported top-line performance.” The yield uplift arrives just as net losses pile up on the income statement.

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Treasury firms in with available FY2025 results lost a combined $1.41 billion as the broader crypto market slid. Specific filings illustrate the damage.

• Sharplink Inc posted a $734.6 million net loss on $28.1 million in revenue.
• Bit Digital recorded an $80.3 million net loss against $113.6 million in revenue.
• BTCS Inc. logged a $33.4 million net loss on $16.5 million in revenue.

BitMine Immersion Technologies booked a $9.02 billion net loss across the six months ending February 28. Other firms in the cohort posted similarly heavy losses. 

Everstake Co-Founder and COO Bohdan Opryshko said passive holders face structural repricing. He explained that revenue is now being generated primarily from actively deployed assets rather than idle holdings, a shift he believes could help sustain the business model.

“Those that actively deploy capital are setting the new standard. That deployment is no longer limited to standard protocol staking. It includes liquid staking, integration into DeFi lending markets, and more advanced validator-level strategies such as optimized block construction and MEV capture,” he said. 

Everstake based its findings on regulatory filings and earnings disclosures from 15 publicly listed ETH treasury companies through May 2026.

Historically, DATs offered the only regulated path to crypto exposure for public-market investors. Spot ETH ETFs have stripped that monopoly, leaving yield as a key differentiator. 

On the individual level, many DAT stocks are traded at a discount to their crypto holdings. This suggests an emerging shift in investor behavior, with investors becoming less willing to pay a premium for passive exposure alone. …Put simply, staking has become a structural floor for all DATs seeking to remain relevant in 2026 and beyond,” the study reads.

Whether passive accumulators can survive a repriced market is now an open question.

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