Staking rewards made up 60% of disclosed revenue across publicly listed Ethereum (ETH) treasury companies in 2025, according to a study released Wednesday by staking provider Everstake. The figure comes from regulatory filings and earnings disclosures of 15 firms through May 2026, and arrives as many of those same companies posted massive net losses amid the broader market downturn.
Staking as the main revenue driver
Everstake's analysis found that treasury firms with available FY2025 results lost a combined $1.41 billion. Still, staking income kept some lights on. Bit Digital reported $7 million in ETH staking rewards for 2025, up 287% year over year. That helped offset the company's $80.3 million net loss on $113.6 million in revenue.
“Revenue is now being generated primarily from actively deployed assets rather than idle holdings,” Everstake Co-Founder and COO Bohdan Opryshko said. He pointed to liquid staking, DeFi lending, and advanced validator strategies like MEV capture as key sources of yield.
Sharp losses across the board
Not everyone fared well. Sharplink Inc posted a $734.6 million net loss on just $28.1 million in revenue. BTCS Inc. logged a $33.4 million net loss on $16.5 million in revenue. BitMine Immersion Technologies booked a staggering $9.02 billion net loss across the six months ending February 28. These figures underscore how hard the market slide hit firms that rely heavily on ETH's price performance.
Bit Digital's staking jump aside, the overall picture is grim. The study covers 15 companies, and the combined losses dwarf the staking revenue.
How spot ETH ETFs changed the game
The report also notes that spot ETH ETFs have stripped the monopoly digital asset trusts (DATs) once held over institutional ETH exposure. That leaves yield as a key differentiator for the listed treasury firms. But many DAT stocks trade at a discount to their crypto holdings, suggesting investors aren't willing to pay a premium for passive exposure anymore.
For the firms that do offer staking yield, the challenge is proving they can generate enough income to justify the premium — or at least stop the discount from widening. The Everstake study doesn't predict what happens next, but the numbers make it clear: staking is now the core business, not a sideline.
