Ethereum Treasury Firms Rely on Staking for 60% of Income Amid 2025 Losses
2026/06/02 15:35:00
Ethereum treasury firms are relying more heavily on staking income as 2025 losses pressure the digital asset treasury model. Everstake data shows staking generated 60% of disclosed ETH treasury revenue among reporting firms.
Ethereum treasury firms are changing how they create value for shareholders. Holding ETH on the balance sheet is no longer enough to attract investors, especially as spot crypto ETFs make direct Ether exposure easier. At the same time, ETH price volatility continues to affect the financial results of companies with large digital asset reserves.
A report from staking provider Everstake shows that staking accounted for an average of 60% of reported revenue among Ethereum treasury companies that separately disclosed staking-related income. The same report found that loss-making ETH treasury firms in its reviewed cohort posted about $1.41 billion in combined 2025 net losses.
The data points to a clear trend. Ethereum treasury companies are no longer being judged only by how much ETH they hold. They are increasingly being evaluated by how effectively they can use those holdings to generate yield, manage risk, and maintain investor confidence during difficult market conditions.
Staking ETH allows companies to earn network rewards while helping secure Ethereum. This creates a revenue stream that can support operations and offset some balance-sheet pressure. However, staking also carries operational, regulatory, liquidity, and market risks. The trend shows a shift from passive holding to active, risk-managed treasury strategies.
Ethereum Treasury Firms Move Beyond Passive ETH Holding
Ethereum treasury firms are public companies that hold ETH as a major part of their corporate treasury strategy. Some operate directly in blockchain, mining, infrastructure, or digital asset markets. Others have moved toward ETH accumulation as part of a broader balance-sheet strategy.
Why the Old Treasury Model Is Changing
The original appeal of the treasury model was simple. A public company holding ETH could give traditional stock-market investors indirect exposure to Ethereum without requiring them to use crypto wallets, exchanges, or on-chain infrastructure. During bullish market cycles, this approach could attract strong investor interest.
That model has become more complicated. Once investors gained access to regulated products that track crypto assets more directly, the value of a public treasury company changed. A company that only holds ETH may be less attractive if investors can get similar exposure through simpler and lower-cost products.
Staking Adds a New Revenue Layer
This is why staking has become important. Staking gives Ethereum treasury companies something that many passive investment products may not fully provide: yield generation from the underlying ETH. Instead of leaving ETH as an idle reserve asset, companies can stake it and earn protocol-level rewards.
Everstake’s report suggests that staking is now a major revenue source for several ETH treasury firms. Among companies that separately disclosed staking-related income, staking generated an average of 60% of disclosed revenue. That does not mean every Ethereum treasury firm earns 60% of its income from staking. The figure applies only to firms that clearly reported staking income separately.
Still, the number shows how important staking has become for companies trying to justify the public Ethereum treasury model.
This shift also reflects a broader change across the crypto market. Institutions are no longer focused only on holding digital assets for price exposure. They are also paying attention to yield, capital efficiency, compliance, custody, and risk-adjusted returns. Ethereum’s proof-of-stake system fits naturally into that discussion because ETH can be used productively within the network.
Transparency Becomes More Important
For treasury firms, the challenge is to make that productivity visible to shareholders. Investors want to know how much ETH is held, how much is staked, how rewards are calculated, which custodians or validators are used, and what risks are involved.
Companies with clearer disclosures may be better positioned than firms that only report broad digital asset balances without explaining how those assets are being used.
Why Staking Has Become a Revenue Lifeline
Ethereum staking allows ETH holders to participate in network security and earn rewards in return. After Ethereum moved from proof-of-work to proof-of-stake, validators replaced miners as the key participants responsible for proposing and confirming blocks. Validators commit ETH to the network and may receive rewards for helping maintain Ethereum’s security.
Turning ETH Holdings Into Income
For public ETH treasury companies, staking can help convert a volatile balance-sheet asset into a recurring income source. This is especially important when ETH prices are weak or when companies are reporting losses. Staking rewards may not fully offset large unrealized losses, but they create a measurable revenue line that shows the company is doing more than waiting for ETH prices to rise.
Everstake’s report points to several companies that relied heavily on staking revenue. SharpLink, for example, was cited as generating most of its reported revenue from ETH staking. Forum Markets was also highlighted as receiving all of its reported revenue from staking. Bit Digital reported ETH staking rewards that increased sharply year over year, although staking made up a smaller share of its total revenue compared with more staking-focused firms.
These examples show that Ethereum treasury firms are using staking in different ways. For some companies, staking is the central revenue engine. For others, it is one part of a wider business model that may include mining, infrastructure, trading, hosting, or other digital asset services.
Why Native Staking Appeals to Institutions
The appeal is clear. Staking income comes from Ethereum’s own network mechanics rather than external lending arrangements. That can make native staking more attractive than some higher-risk yield strategies that depend on borrowers, leverage, or complex DeFi structures.
For institutions, native staking may appear more direct than many other crypto yield opportunities. It is linked to network participation rather than speculative lending activity.
However, staking is not risk-free. Validators can face penalties if they fail to operate properly. Custody arrangements must be secure. ETH may be subject to withdrawal timing and liquidity planning. Regulatory treatment can also vary across markets. Public companies must explain these risks clearly so investors understand how staking income is generated.
Staking Does Not Remove Market Risk
Staking revenue should not be viewed as a complete solution. It is better understood as one part of a more active Ethereum treasury strategy. Companies that stake ETH can potentially improve revenue, but they remain exposed to ETH price volatility.
The 2025 results make that point clear. Everstake reported that ETH treasury firms in its reviewed cohort with reported losses posted about $1.41 billion in combined net losses. BitMine Immersion Technologies also reported a $9.02 billion net loss for the six months ending February 28, mainly due to unrealized losses on digital assets. These figures show that staking income did not remove the financial pressure facing the sector. Instead, it became a tool companies could use to support operations and strengthen their treasury narrative.
2025 Losses Expose Weaknesses in the Treasury Model
The large combined losses reported by ETH treasury firms show the limits of the digital asset treasury model. Holding ETH can create upside during strong market cycles, but it can also produce financial stress when asset prices decline or accounting adjustments affect reported earnings.
The Main Risks Facing ETH Treasury Companies
Public companies with large ETH holdings are exposed to several layers of risk. The first is market risk. ETH prices can move sharply, and a downturn can reduce the value of reserves.
The second is accounting risk. Depending on how digital assets are classified and measured, companies may report unrealized losses that affect net income even if they have not sold their ETH.
The third is investor sentiment risk. If shareholders lose confidence in the company’s treasury strategy, the stock may trade below the value of its underlying crypto reserves.
This issue has become more important as crypto investment products mature. In earlier cycles, some digital asset treasury firms traded at premiums because they offered convenient market exposure. Now, investors have more choices. A public treasury company must offer more than balance-sheet exposure.
Active Management Comes With New Complexity
Staking is one answer, but it is not the only one. Everstake’s report suggests that ETH treasury firms may need to explore broader yield and infrastructure strategies, including staking, DeFi, MEV-related opportunities, and other forms of on-chain revenue generation.
The market is increasingly rewarding active management, but active management also brings added complexity. DeFi strategies can introduce smart contract risk, liquidity risk, counterparty risk, governance risk, and regulatory uncertainty. MEV-related opportunities may require sophisticated infrastructure and careful risk controls.
Staking itself requires operational expertise and transparent reporting. Public companies must balance the desire for yield with the need for safety, compliance, and investor trust.
Sustainability Becomes the Key Question
The 2025 losses also raise questions about sustainability. If a company’s main business model is holding and staking ETH, investors may ask whether staking yield is high enough to justify corporate overhead, public listing costs, executive compensation, and market risk.
A treasury firm must show that it can create value beyond what investors could achieve by directly holding ETH or using a passive investment product. To meet that standard, companies may need disciplined ETH accumulation, professional staking infrastructure, clear custody practices, transparent disclosures, and strong capital management.
Without those elements, staking income may not be enough to support investor confidence.
ETF Pressure Changes the Competitive Landscape
Spot crypto ETFs have changed the market for public digital asset treasury companies. Before ETFs became widely available, investors who wanted crypto exposure through traditional financial accounts had fewer choices. Public companies holding BTC or ETH could benefit from that gap.
Treasury Firms Must Offer More Than Exposure
Now, the environment is different. Investors can access crypto exposure through more direct investment products. That makes it harder for treasury firms to justify a premium unless they can offer something additional.
For Ethereum treasury firms, staking is one of the clearest ways to create that additional value. ETH is not only a reserve asset. It is also a productive network asset within a proof-of-stake system. That means there can be a meaningful difference between simply holding ETH and using ETH in a validator or staking strategy.
If an ETF does not offer staking rewards, an ETH treasury company that stakes its holdings may claim a potential advantage. It can argue that it is not merely holding ETH, but using ETH to generate additional income.
Clear Reporting May Decide Investor Confidence
This advantage depends on execution. Investors will want to know whether staking rewards are meaningful after costs, whether the strategy is scalable, and whether the risks are properly managed.
This creates pressure for better reporting. Companies may need to disclose more details about staking performance, validator partners, reward rates, expenses, custody structure, and risk controls. Investors may become less willing to accept vague claims about yield generation.
ETF competition may also force Ethereum treasury firms to define themselves more carefully. Some may become yield-focused ETH holding companies. Others may position themselves as blockchain infrastructure firms. Some may combine treasury strategies with validator services, DeFi integrations, or institutional staking products.
What Staking Revenue Means for Investors
For investors, the rise of staking revenue creates both opportunity and caution. On the positive side, staking can make ETH treasury companies more productive. A company that stakes its ETH may generate income even during flat market periods.
How Investors May Evaluate Staking Income
Staking revenue can provide a clearer way to evaluate performance. Instead of focusing only on ETH holdings and share price movements, investors can look at how much income the company generates from its treasury assets.
However, investors should be careful not to overstate staking’s impact. ETH staking yields are usually much smaller than ETH price swings. A company can earn staking rewards and still report large losses if ETH prices decline or if accounting adjustments reduce reported earnings.
The Everstake data shows exactly that. Staking became a major income source for some firms, but the sector still reported substantial combined losses.
The Role of DeFi, MEV, and Advanced Yield Strategies
Staking may be the first major revenue layer for Ethereum treasury firms, but it may not be the last. Everstake’s report suggests that companies may need to consider additional yield strategies to remain competitive. These could include DeFi lending, liquidity provision, MEV-related revenue, restaking, and other Ethereum-based financial infrastructure opportunities.
More Yield Can Mean More Risk
Each of these strategies offers potential benefits, but each also adds risk. DeFi lending can generate yield, but it depends on smart contracts, collateral management, market liquidity, and borrower demand. Liquidity provision can earn fees, but it can also expose participants to impermanent loss and market volatility.
MEV strategies require technical sophistication and can raise governance or reputational questions. Restaking may increase reward potential, but it can also create additional slashing, smart contract, and systemic risks.
Public companies must be especially careful because shareholders expect professional risk controls. A publicly listed company has a broader investor base and greater disclosure obligations, so treasury firms must balance innovation with transparency.
The Rise of Active Ethereum Treasury Management
The most sustainable ETH treasury strategies may be those that layer yield gradually. A company may begin with native staking, then add carefully selected infrastructure partnerships or DeFi strategies after establishing strong custody, compliance, and reporting systems.
Over time, the strongest firms may look less like passive asset holders and more like Ethereum-native financial operators. These companies would not simply accumulate ETH. They would use ETH to secure the network, generate staking revenue, participate in institutional-grade on-chain finance, and build services around Ethereum’s financial ecosystem.
However, this future depends on market discipline. Investors are likely to become more selective. Companies that chase yield without proper risk controls may face losses, regulatory scrutiny, or reputational damage. Companies that take a measured approach may be better positioned to survive difficult market cycles.
Ethereum’s Institutional Story Is Still Developing
The rise of staking revenue among ETH treasury firms fits into a larger institutional Ethereum story. Ethereum is no longer viewed only as a platform for decentralized applications and token launches. It is increasingly seen as financial infrastructure for stablecoins, tokenized assets, decentralized exchanges, staking, and institutional settlement.
ETH as a Productive Treasury Asset
For public treasury firms, this broader narrative matters. ETH is not only a speculative asset on the balance sheet. It is the native asset of a network that supports a large share of on-chain financial activity. Staking connects companies directly to that network by allowing them to participate in validation and earn rewards.
This makes Ethereum different from many other digital assets. The ability to stake ETH gives treasury firms a way to frame their holdings as productive infrastructure exposure. That framing may appeal to investors who want more than passive price speculation.
Opportunity and Pressure Exist Together
Still, the institutional Ethereum story is not guaranteed. Regulatory uncertainty remains a major factor. Staking services have faced scrutiny in several markets. Accounting treatment continues to evolve. ETH price volatility can overwhelm staking income. Competition from other blockchains and financial products remains active.
The Everstake report is important because it gives a clearer view of how treasury firms are adapting. The 60% staking revenue figure shows that staking is no longer a side detail for some firms. It is becoming a central part of the business model. The $1.41 billion combined loss figure shows that this business model is still under pressure.
Together, these numbers show both the opportunity and the risk. Ethereum treasury firms can use staking to generate income, but they cannot rely on staking alone to solve every financial challenge. The companies that succeed will likely be those that combine ETH exposure with disciplined treasury management, transparent reporting, and carefully managed yield strategies.
Conclusion
Ethereum treasury firms are entering a more competitive and demanding phase. Holding ETH alone is no longer enough as spot crypto ETFs make passive exposure easier for investors.
Staking has become a key strategy. Everstake reported that staking made up 60% of disclosed revenue, while loss-making ETH treasury firms posted about $1.41 billion in combined 2025 net losses. This shows that staking income is growing, but financial pressure remains high.
Going forward, firms must prove they can manage ETH exposure, generate staking revenue, control risk, and provide transparent reporting. For investors, ETH holdings alone are not enough. Revenue quality, custody, valuation, and risk management now matter more than ever.
FAQs
What are Ethereum treasury firms?
Ethereum treasury firms are public companies that hold ETH as part of their corporate treasury strategy. They may also participate in staking or other yield-generating activities to create revenue from their holdings.
Why are treasury firms relying on staking?
Staking allows companies to earn network rewards from Ethereum, turning idle ETH into recurring income and helping offset balance-sheet pressure amid volatile ETH prices.
How much revenue comes from staking?
According to Everstake, staking generated 60% of disclosed revenue among Ethereum treasury firms that reported staking income separately in 2025.
Are Ethereum treasury firms profitable?
Many faced financial pressure in 2025. Loss-making firms in Everstake’s report posted a combined $1.41 billion in net losses, showing that staking income does not fully offset market and operational risks.
What risks are involved in ETH staking?
Risks include ETH price volatility, validator penalties, liquidity constraints, regulatory uncertainty, and operational challenges related to custody and network participation.
How does staking compare to passive ETH holding?
Staking provides active revenue generation, unlike passive holding, which only benefits from potential ETH price appreciation. Investors increasingly value staking as part of a risk-managed treasury strategy.
What should investors consider in ETH treasury firms?
Investors should evaluate staking revenue, risk management, transparency, expenses, custody practices, and valuation rather than relying only on ETH holdings.
Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency investments are highly volatile and carry risk. Readers should do their own research before making any investment decisions.