Ethereum Treasury Companies Face Pressure Amid Decline in ETF Appeal, Everstake Report Shows
In Brief: Everstake report reveals that Ethereum treasury companies are turning to staking and other yield strategies as spot crypto ETFs diminish interest in public companies solely holding Ether (ETH).
Main Developments
Staking revenue accounted for an average of 60% of reported revenue among six ETH treasury firms disclosing staking-related income. Everstake’s review of 15 publicly listed companies with ETH treasury strategies found that those reporting losses in 2025 posted about $1.41 billion in combined net losses. BitMine Immersion Technologies reported a $9.02 billion net loss, primarily driven by unrealized losses on digital assets.
Why This Matters
The shift in ETH treasury companies using staking and DeFi lending is driven by the weakening premium of public-market passive exposure to crypto due to the rise of spot ETFs. Companies now seek to justify valuations through various yield strategies to sustain their business models.
Market Context
ETH treasury companies are under pressure to adapt to changing market dynamics as spot ETFs challenge the traditional passive exposure models. Staking and other active asset deployment strategies are seen as essential to providing sustainable revenue streams amidst increasing competition.
Conclusion
The Everstake report highlights how Ethereum treasury companies are reevaluating their strategies in response to the evolving investment landscape, with a focus on staking and other yield-generating activities to remain competitive.
FAQ
How did the Everstake report assess the revenue sources of ETH treasury companies?
The report found that staking revenue made up an average of 60% of reported revenue among six ETH treasury firms disclosing staking-related income.
What impact are spot ETFs having on ETH treasury companies?
The rise of spot ETFs has weakened the appeal of public companies holding only Ether (ETH), prompting ETH treasury firms to explore alternative revenue-generating strategies like staking, DeFi lending, and MEV capture.