Ethereum Treasury Firms Rely More on Staking as ETFs Erode Premium for Simple ETH Holdings
Summary
- Everstake said the revenue model of listed companies pursuing Ethereum treasury strategies is shifting toward staking, while ETFs are reducing the appeal of companies that simply hold ETH.
- Among 15 listed companies reviewed, staking revenue accounted for an average of 60%% of reported revenue at the six firms that disclosed it separately, while some companies posted large net losses due to digital-asset valuation losses.
- Some market participants expect pressure on treasury-strategy companies to rise if ETH ETFs with staking features are introduced, though others described such products as complementary.
Forecast Trend Report by Period
Publicly traded companies that hold Ethereum are relying more heavily on staking and other yield-generating strategies, according to a new analysis. Spot crypto exchange-traded funds have made companies that simply hold ETH less attractive to investors, putting more pressure on treasury-strategy firms to generate income from their assets.
Cointelegraph reported on May 26 that staking infrastructure firm Everstake said in a report that the revenue model for listed companies with Ethereum treasury strategies is shifting toward staking.
Everstake reviewed 15 publicly traded companies with Ethereum treasury strategies. Among the six that separately disclosed staking-related revenue, staking income accounted for an average of 60% of reported revenue. Those companies were BitMine Immersion Technologies, SharpLink, Bit Digital, Forum Markets, BTCS and FG Nexus.
The report also showed losses mounting. Companies in the survey that reported losses in 2025 posted a combined net loss of about $1.41 billion. BitMine Immersion Technologies reported a net loss of $90.2 million for the six months ended Feb. 28, though Everstake said the figure was driven more by digital-asset valuation losses than by operating losses.
Everstake said the simple holding premium for digital asset treasury, or DAT, companies has weakened since the launch of spot ETFs. DAT firms had previously been a limited route for stock-market investors seeking crypto exposure, but that value proposition has become harder to justify now that ETFs offer a more direct option.
"DATs relying on passive exposure are being structurally repriced," Everstake co-founder Bohdan Opryshko said. Asset-management strategies are no longer limited to standard protocol staking, he added. They now extend to liquid staking, decentralized finance lending and validator-level strategies.
Staking income alone, however, cannot offset every risk. Opryshko said ETH price volatility, share dilution, discounts to net asset value, funding costs and operating expenses can exceed staking returns. "Passive ETH accumulation is becoming increasingly difficult to justify as a standalone public-market strategy," he said.
Ignacio Aguirre, chief marketing officer at Bitget, also said spot ETFs are one factor reducing the premium for ETH-holding companies. He added that he would not attribute too much of the shift to spot ETFs alone, because investors also weigh ETH prices, financial statements, dilution risk, execution and market sentiment.
Some market participants expect pressure on treasury-strategy companies to intensify if ETH ETFs with staking features eventually launch. Aguirre, however, described that as more complementary than a threat to corporate survival.
