Ethereum treasury firms face growing pressure to generate revenue through staking and other active yield methods, as spot crypto exchange-traded funds (ETFs) diminish the appeal of companies relying solely on holding Ether (ETH). A recent report by Everstake highlights that staking accounted for a significant portion of revenue—averaging around 60%—among publicly listed ETH treasury firms that disclosed such figures.
The report analyzed 15 publicly traded companies with Ethereum treasury strategies, noting that those reporting anticipated losses for 2025 faced combined net losses amounting to approximately $1.41 billion. This financial strain partly stems from the competitive threat posed by spot ETFs, which provide investors with direct and cost-effective exposure to ETH, effectively undercutting the passive-exposure advantage previously held by digital asset treasury companies (DATs).
Among the six companies that separately reported staking-related income—BitMine Immersion Technologies, SharpLink, Bit Digital, Forum Markets, BTCS, and FG Nexus—staking formed the backbone of their revenue streams. However, losses reported by firms such as BitMine Immersion Technologies largely resulted from unrealized digital asset depreciation rather than core operational failures.
The shift away from passive ETH accumulation signals a broader repricing trend within the DAT sector. Everstake co-founder Bohdan Opryshko explained that treasury firms can no longer rely purely on passive ETH holdings to justify valuations. Instead, they now pursue a more diversified approach that includes staking, decentralized finance (DeFi) lending, liquid staking, and validator-level strategies to generate yield.
Opryshko cautioned, however, that staking revenue alone does not guarantee financial stability for all ETH treasury firms, especially those with fragile capital bases or inefficient treasury management. Factors such as price volatility, dilution, net asset value discounts, financing costs, and overhead still weigh heavily on profitability. Nonetheless, he emphasized that active asset deployment has become a necessary component for sustaining these companies in an increasingly competitive environment shaped by spot ETFs.
The impact of spot ETFs extends beyond mere competition. Ignacio Aguirre, chief marketing officer at crypto exchange Bitget, noted that while these ETFs have eroded the premium previously assigned to ETH treasury firms’ passive holdings, other industry pressures also influence their performance and valuation.