Staking Made Up 60% of Revenue at Public ETH Treasuries

Everstake released a report Tuesday after reviewing regulatory filings and earnings disclosures from 15 publicly listed Ethereum treasury companies through May 2026. The study found staking accounted for 60% of disclosed 2025 revenue across firms that separately reported staking-related income. The same group recorded a combined $1.41 billion net loss for the year.

Company filings cited in the report include Sharplink Inc., which posted a $734.6 million net loss on $28.1 million in revenue; Bit Digital, which recorded an $80.3 million net loss on $113.6 million in revenue and reported $7 million in ETH staking rewards for 2025, up 287% year over year; BTCS Inc., which logged a $33.4 million net loss on $16.5 million in revenue; and BitMine Immersion Technologies, which reported a $9.02 billion loss for the six months ended Feb. 28. Other firms in the sample reported substantial losses.

Everstake said yield-generation now includes sources beyond protocol staking. The report lists liquid staking, integration into decentralized finance lending markets and validator-level techniques such as optimized block construction and capture of miner extractable value.

The study notes approval of spot Ether exchange-traded funds gave investors a regulated way to hold ETH, reducing the exclusive market role of digital asset treasuries. Everstake found several publicly traded treasuries trade at discounts to the value of their crypto holdings.

In the report Everstake co-founder and COO Bohdan Opryshko wrote, ‘Revenue is now being generated primarily from actively deployed assets rather than idle holdings.’ He added that firms are broadening revenue strategies to include the yield sources listed in the report.

Everstake based its findings on regulatory filings and earnings disclosures from the 15 companies through May 2026. The report says the shift toward active yield generation has become more prominent since approval of spot ETH ETFs.