Staking Fueled 60% of Revenue at Public ETH Treasuries in 2025

A study released Tuesday by staking provider Everstake found that staking accounted for 60% of disclosed revenue across 15 publicly listed Ethereum treasury firms in 2025, even as the group reported large combined losses for the year.

Everstake calculated a combined net loss of $1.41 billion for companies with available full-year 2025 results. Individual filings show steep write-downs: Sharplink Inc. posted a $734.6 million net loss on $28.1 million in revenue; Bit Digital recorded an $80.3 million net loss on $113.6 million in revenue; BTCS Inc. logged a $33.4 million net loss on $16.5 million in revenue. BitMine Immersion Technologies reported a $9.02 billion net loss for the six months ending Feb. 28.

Among firms that separately disclosed staking revenue, Bit Digital reported $7 million in ETH staking rewards for 2025, a 287% increase from the prior year. Everstake said yield from staking has become a major contributor to reported top-line performance for companies holding sizable ETH treasuries.

Everstake co-founder and COO Bohdan Opryshko described the change as a structural shift toward actively deployed assets rather than idle holdings, saying, “Those that actively deploy capital are setting the new standard. That deployment is no longer limited to standard protocol staking. It includes liquid staking, integration into DeFi lending markets, and more advanced validator-level strategies such as optimized block construction and MEV capture.”

The report notes that spot ETH exchange-traded funds have given public-market investors a regulated option for ETH exposure, reducing the exclusive role that digital asset treasuries once held. Everstake said many publicly listed digital asset treasury stocks trade at a discount to their crypto holdings, leaving yield generation as a key differentiator for these companies.

Everstake based its findings on regulatory filings and earnings disclosures from 15 publicly listed Ethereum treasury companies through May 2026. The report included company-reported revenue and net income figures and highlighted staking revenue where firms provided separate disclosures.