Ethereum Treasuries Lose $1.41B as Staking Revenue Replaces Passive Exposure

Publicly listed companies holding Ethereum (ETH) treasuries have posted significant losses in recent years. According to a report by Everstake, a staking infrastructure provider, these firms lost approximately $1.41 billion in 2025.

The study focused on 15 publicly listed companies with Ethereum treasury strategies and found that staking revenue made up an average of 60% of disclosed revenue among six companies that separately reported this data. These companies are BitMine Immersion Technologies, SharpLink, Bit Digital, Forum Markets, BTCS, and FG Nexus.

Everstake co-founder Bohdan Opryshko noted that deployment strategies have expanded to include liquid staking, DeFi lending, and validator-level approaches. He also stated that passive ETH accumulation is becoming hard to justify as a standalone public-market strategy, particularly after spot crypto ETFs gave investors a cleaner route to that same exposure.

Ignacio Aguirre, chief marketing officer at Bitget, said that spot ETFs have raised the bar for ETH treasury companies seeking a valuation premium. He added that staking-enabled ETH ETFs are more complementary than existential threats to treasury companies at this stage.