As losses mount and investor premiums shrink, public companies that hold Ether have become increasingly reliant on staking income. Everstake’s research suggests that financial models for digital assets are moving away from simple crypto exposure and toward active yield generation.
Important points:
- Everstake discovered that $ETH The treasury company lost $1.41 billion as the market capitalization of cryptocurrencies decreased by 30.6%.
- Sharplink and Bit Digital relied on staking, which accounted for 60% of their reported revenue.
- Everstake says $ETH Companies now need DeFi, MEV, and staking yields to stay competitive.
Staking drives 60% of revenue $ETH financial company
Publicly traded Ether treasury companies are facing a tough market and staking has emerged as one of the few reliable sources of revenue, according to new research shared by Everstake with Bitcoin.com News.
The staking provider reviewed annual reports, quarterly reports, earnings releases, and other public information from 15 companies with Ethereum financial strategies. The combined losses of the companies in the group whose financial year 2025 financial results are available and which reported net losses amounted to approximately $1.41 billion.
The pressure didn’t stop there. Bitmine Immersion Technologies reported a net loss of $9.02 billion for the six months ended February 28, 2026, even after reporting a net income of $348.6 million in fiscal 2025.
This result comes during a downturn for digital assets. Everstake pointed out that the market capitalization of cryptocurrencies decreased by about 30.6% in seven months, from $3.69 trillion to $2.56 trillion.
However, the survey also revealed clear divisions within the sector. Companies that actively introduced $ETH It generated much more meaningful operating revenue than just holding tokens.
Across the six companies that separately disclosed staking-related numbers, staking accounted for an average of 60% of total reported revenue. Those companies are Bitmine, Sharplink, Bit Digital, Forum Markets, BTCS, and FG Nexus.
Sharplink reported a net loss of $734.6 million on revenue of $28.1 million. Bit Digital posted a loss of $80.3 million on revenue of $113.6 million. BTCS posted a loss of $33.4 million on revenue of $16.5 million.
Still, pile driving helped offset some of the damage. Bit Digital reported $7 million $ETH Staking rewards in 2025 increased by 287% year over year. Sharplink reported $25.6 million in staking revenue, while Forum Markets revealed $6.5 million.
The findings indicate that repricing of digital asset treasury (DAT) companies is becoming more widespread. According to Everstake, the 283 largest DAT companies collectively hold $118.3 billion in underlying assets, representing a combined premium of 17.7%. However, many individual DAT stocks are currently trading below the value of their crypto holdings.
This marks a change from earlier market cycles, when public crypto treasury firms were one of the few regulated routes for equity investors seeking exposure to digital assets. Spot Bitcoin and Ether ETFs have changed that equation by providing simpler and often cheaper access.
Everstake co-founder and CEO Bohdan Oprisiko said the market rewards deployed assets more than idle balances.
DATs that rely on passive exposure are structurally repriced, and actively capitalized DATs are setting new standards. Its deployment is no longer limited to standard protocol staking. This includes liquid staking, integration into DeFi lending markets, optimized block construction, and MEV capture.
Everstake’s conclusion is straightforward. Size alone is no longer enough. for $ETH The next test for treasury companies is not how much ether they hold, but how efficiently they can use it.
