Staking Now Drives 60% of Revenue at Ethereum Treasury Firms
Everstake’s study, based on filings and earnings disclosures from 15 publicly listed Ethereum treasury firms through May 2026, says staking generated 60% of disclosed 2025 revenue. The report contrasts this with combined FY2025 net losses of $1.41 billion. Examples include Sharplink’s $734.6m loss on $28.1m revenue and Bit Digital’s $80.3m loss on $113.6m revenue, despite $7m in ETH staking rewards (+287% YoY).
How this was made
The 30-second read
Why it matters
The article suggests a structural shift: revenue is increasingly generated by actively deployed assets (staking, liquid staking, DeFi lending, validator strategies) rather than idle holdings—yet the cohort still shows large combined net losses.
Market read
Traders may reprice ETH treasury equities based on staking yield contribution, while simultaneously discounting for persistent loss-making and potential yield sustainability risk.
What to watch
Investors may be underweighting validator/MEV concentration risk, regulatory changes to staking/DeFi, and the sustainability of yield after market repricing.
Background
Everstake’s study analyzes regulatory filings and earnings disclosures from 15 publicly listed Ethereum treasury firms, finding staking accounted for 60% of disclosed revenue in 2025.
Ticker impact
Bit Digital reported $7M in ETH staking rewards for 2025, up 287% YoY, highlighting staking as a key revenue driver.
Near-term trading likely two-sided: positive for staking-revenue narrative, capped by continued loss-making.
The study emphasizes staking’s share of revenue, while cited filings show material net losses despite higher staking rewards.
BTCS logged a $33.4M net loss on $16.5M revenue, illustrating how ETH treasury firms are still loss-making despite staking yield.
Bias toward volatility/downside unless investors see a clear path from staking yield to sustained profitability.
The article pairs staking as a structural revenue floor with specific examples of heavy net losses.
Market effects
Reframes the DAT/ETH treasury investment thesis: staking yield becomes the key differentiator versus passive exposure via spot ETH ETFs.
Primarily affects US-listed crypto treasury equities; sentiment spillover likely across global small-cap crypto-related listings.
If staking is broadly revenue-dominant, it can influence global capital allocation to staking infrastructure and liquid-staking/DeFi yield strategies.
Counterpoint
Staking’s share of revenue may rise mechanically while costs, mark-to-market effects, and leverage still drive net losses—so equity outcomes may not improve.
Key entities
- study_providerEverstake
Staking provider that released the analysis claiming staking is 60% of disclosed revenue for ETH treasury firms in 2025.
- executiveBohdan Opryshko
Everstake co-founder and COO who argues active deployment sets the new standard for sustaining the business model.
