Ethereum treasury companies are under pressure to generate returns from staking and other yield strategies as spot crypto exchange-traded funds (ETFs) reduce the attractiveness of public companies that simply hold Ethereum ($ETH), according to a new report from Everstake.
Staking accounted for an average of 60% of the six companies’ reported revenue. $ETH The staking infrastructure provider said the financial company separately disclosed staking-related income.
Everstake investigated 15 publicly traded companies. $ETH An analysis of financial strategies found that companies in the sample that reported losses in 2025 had a combined net loss of approximately $1.41 billion. Separately, BitMine Immersion Technologies reported a net loss of $9.02 billion for the six months ended February 28, which it said was primarily due to unrealized losses on digital assets rather than operating losses.
The 60% staking revenue figure is based on six companies that separately disclose staking-related revenue: BitMine Immersion Technologies, SharpLink, Bit Digital, Forum Markets, BTCS, and FG Nexus. Companies that did not break down stakeholder-related compensation or had pending annual results were excluded from the calculation.
The report frames this change as part of a broader repricing of digital asset treasury companies (DATs). DATs have previously provided one of the few regulated ways for public market investors to gain crypto exposure. Everstake argued that spot ETFs are weakening DAT’s passive exposure premium, encouraging treasury firms to justify valuations through staking, DeFi lending, MEV capture, and other yield strategies.
$ETH Financial company data compiled by Everstake. Source: Everstake
“DATs that rely on passive exposure are structurally repriced,” Everstake co-founder Bohdan Oprisiko said in the report. He added that deployment is “no longer limited to standard protocol staking” and now includes liquid staking, DeFi lending, and validator-level strategies.
Oprisico told Cointelegraph that the study does not claim that staking revenue alone can support everyone. $ETH Use financial models or offset all risks. $ETH He said price volatility, dilution, net asset value discounts, financing costs and operating expenses can still exceed staking yields, especially for companies with weak capital structures or inefficient financial management.
He said the report’s arguments were narrower and “reactive.” $ETH It has become harder to justify accumulation as a separate public market strategy, especially since spot crypto ETFs have given investors cleaner access to passive exposure. ”
In that environment, staking and other forms of active asset deployment may become “necessary, if not sufficient.” $ETH Finance companies need to maintain their model, he added.
ETFs are important, but they may not be the only pressure point
Ignacio Aguirre, chief marketing officer at cryptocurrency exchange BitGet, said spot ETFs have made investing difficult. $ETH Finance companies justify premiums based on: $ETH Just exposure. But he cautioned against attributing repricing entirely to ETFs.
“I don’t think too much that it’s just about identifying ETFs,” Aguirre told Cointelegraph. he said $ETH Finance companies are still equity vehicles, so investors should also consider $ETH price performance, balance sheet quality, dilution risk, financial strategy, execution, and broader market sentiment.
Aguirre said staking can improve the situation. $ETH However, the impact depends on whether there is enough yield to offset operating costs, dilution, and volatility.
He added that staking is enabled $ETH While ETFs could be a future pressure point for treasury companies, he said they are “more of a complement than an existential threat.”
