#InstitutionalCapitalRotatesFromBTCToHYPEAndXRP

Staking Accounts for 60% of Revenue at an Ethereum Treasury Company

Staking accounts for 60% of the total revenue reported by the Ethereum treasury company
ETHUSD
listed on exchanges in 2025, according to a new study from staking provider Everstake released on Tuesday.

The finding stands in stark contrast to the significant net losses recorded by the ETH treasury company overall, in aggregate.

Staking Contributes 60% of ETH Treasury Revenue

Among companies that separately report staking income, yield results have become a key operational indicator. For example, Bit Digital reported US$7 million in ETH staking rewards in 2025, up 287% compared with the previous year.

Everstake said staking is now a “major contributor to reported revenue performance.” This yield increase is occurring while net losses continue to build up in earnings reports.

Treasury companies that already had available financial reports for fiscal year 2025 recorded a combined loss of US$1.41 billion as the overall crypto asset market declined. A special report shows the extent of those losses.

Sharplink Inc recorded a net loss of US$734.6 million from revenues of US$28.1 million.
Bit Digital posted a net loss of US$80.3 million compared with revenues of US$113.6 million.
BTCS Inc. recorded a net loss of US$33.4 million from revenues of US$16.5 million.
BitMine Immersion Technologies recorded a net loss of US$9.02 billion over six months ending February 28. Other companies in this group also recorded similarly large losses.

Everstake co-founder and COO Bohdan Opryshko said passive holders are facing a structural reassessment. He explained that revenue is now generated primarily from assets that are actively used, not simply held, and that this shift is believed to help sustain the company’s business model.

“Those actively managing capital are now the new standard. This management is no longer limited to staking of standard protocols alone. It now includes liquid staking, integration with DeFi lending markets, and more advanced validator-level strategies such as optimizing block construction and capturing MEV,” he said.

Everstake based its findings on regulatory reports and performance disclosures from 15 listed ETH treasury companies on exchanges through May 2026.

Historically, DAT has been the only regulated route for crypto-asset exposure for public-market investors. However, spot Ethereum exchange-traded funds (ETFs) have erased that dominance, making yield the main differentiator.

At the individual level, many DAT shares trade at a discount to their total crypto asset holdings. This indicates a shift in investor behavior—investors are now less willing to pay a premium just for passive exposure. …In short, staking has become a structural foundation for all DATs that want to stay relevant in 2026 and beyond,” the study explained.

There is a big question as to whether passive aggregators can still survive in a market whose value has shifted so dramatically.