ETH Treasury Firms Lost $1.41B in 2025 as Staking Revenue Rose

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Everstake said 15 publicly listed companies with ETH treasury strategies posted about $1.41 billion in combined net losses in 2025. Staking income made up an average of 60% of disclosed revenue among six companies that reported the data. Everstake said spot ETH ETFs reduced the access advantage that digital asset treasury companies previously offered.
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