Staking Drove 60% of Disclosed ETH Treasury Revenue as Losses Mounted Across Public Firms, Everstake’s New Study Finds

TL;DR

• Everstake reviewed public filings from the 15 publicly listed companies with ETH treasury strategies.
• Among the companies in the cohort with FY2025 results available and reported net losses, combined net losses amounted to approximately $1.41B.
• Separately, BitMine Immersion Technologies posted a $9.02B net loss for the six months ended February 28, 2026. 
• Among the largest holders that separately disclosed staking-related figures, staking accounted for 60% of total reported revenue on average, suggesting that active deployment has become the dominant strategy over idle accumulation.
• This seems especially significant against the backdrop of a generally bearish market, with the total crypto market cap declining by approximately 30.6%, from $3.69 trillion to $2.56 trillion over the past seven months.

The DAT Premium Has Started to Compress

The traction digital asset treasury (DAT) companies enjoy stems from the fact that, prior to spot crypto ETFs, they were among the handful of regulated ways for public-market players to gain crypto exposure, but the window is closing quite rapidly.

More specifically, the 283 top DAT companies have jointly accumulated $118.3 billion in underlying assets, with an aggregated premium of 17.7%.

On the individual level, many DAT stocks are traded at a discount to their crypto holdings. This suggests an emerging shift in investor behavior, with investors becoming less willing to pay a premium for passive exposure alone.

Losses Stacked Up Across Reporting ETH Treasury Firms

Through FY2025, ETH treasury firms in Everstake’s cohort with reported results booked roughly $1.41 billion in combined net losses amid the broader market downturn. Examples include:

• Sharplink, Inc. (formerly SharpLink Gaming): $734.6 million net loss on $28.1 million in reported revenue
• Bit Digital: $80.3 million net loss on $113.6 million in reported revenue
• BTCS Inc.: $33.4 million net loss on $16.5 million in top-line reported revenue

Aside from that, BitMine Immersion Technologies posted a $9.02 billion net loss for the six months ending on the last day of February, 2026. 

Other large ETH treasury firms also booked steep losses across FY2025.

Staking Is the Only Consistent Source of Top-Line Performance

Still, among companies that separately disclosed staking-related figures, staking accounted for an average of 60% of total reported revenue in 2025. For instance, Bit Digital reported $7 million in ETH staking rewards for the same year, suggesting 287% growth from 2024.

Put simply, staking, with an average of 60% of total reported revenue across companies that disclosed staking figures, has become a major contributor to reported top-line performance.

According to Bohdan Opryshko, Co-Founder and COO at Everstake, the only consistent operational line item is now coming from deployed assets, not idle ones, and that may be what keeps the model viable.

“DATs that rely on passive exposure are being structurally repriced, while 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,” he said.

This shift suggests that the arrival of spot BTC and ETH ETFs has taken away the near-monopoly opportunities from DATs in regulated market access. 

These days, active deployment extends well beyond the standard protocol staking.
Commonly discussed approaches include: 

• Liquid staking
• Integration into DeFi lending markets
• Validator-level approaches, such as optimized block construction and MEV capture
• Market-neutral strategies, including basis trading, overcollateralized lending, and structured rewards, are designed to perform independently of directional price moves

Top 15 Publicly Listed ETH Treasury Companies 

Company	Current Ticker	ETH Holdings	Fiscal Year End	Report Period	Total Revenue (FY2025)	ETH Staking Revenue (FY2025)	Net Result (FY2025)
BitMine Immersion Tech	BMNR	5180000	Aug 31	FY2025 (Sep 1 2024 – Aug 31 2025)	$6.1M	Minimal (staking started mid-2025)	Net Income +$348.6M
BitMine Immersion Tech (Interim)	BMNR	5180000	Aug 31	September 1, 2025 – February 28, 2026	$13.3M	$11.81M	Net Loss -$9.022B
Sharplink Inc.	SBET	863020	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$28.05M	$25.6M	Net Loss -$734.6M
Bit Digital	BTBT	155430	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$113.6M	$7.0M	Net Loss -$80.3M
Forum Markets (ex-ETHZilla)	FRMM	93790	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$6.5M	$6.5M	Net Loss -$450.5M
BTCS Inc.	BTCS	70030	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$16.5M	$2.4M	Net Loss -$33.4M
FG Nexus	FGNX	50770	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$2.4M	$1.5M	Net Loss -$67.7M
GameSquare Holdings	GAME	15630	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$45.0M	ETH yield included in revenue (not broken out)	Net Loss -$40.1M
Yunfeng Financial	0376.HK	10000	Dec 31	FY2025 (pending HKEX)	HK$3,076M insurance revenue (~USD $394M)	N/A	HK$653M (~USD $83.6M)
Intchains Group	ICG	9070	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$5.2M (RMB 36.1M)	Included in revenue (not broken out)	Net Loss -$7.4M (RMB 52M)
IVD Medical Holdings	1931.HK	5190	Dec 31	FY2025 (pending HKEX)	Not yet released	Not yet released	Pending
Quantum Solutions	2338.T	4370	Mar 31	FY2025 (Apr 2024 – Mar 2025)	¥3.5B (~$23M, FY ended Mar 2025)	Not reported separately	Pending FY2026 (Mar 31 2026) results
ethero	ALENT	3120	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	€525.4K (-15% YoY)	Not separately reported	Net. Loss -€1.089M (-$1.28M)
Vault Ventures	VULT	771	Dec 31	FY2025 (Dec 31 2025) — annual report pending	Not yet released	Not yet quantified	Pending
Centaurus Energy Inc.	CTARF	137	Sep 30	FY2025 (Oct 2024 – Sep 2025) — pending TSX-V	Not publicly reported	Not yet quantified	Pending
Cosmos Health	COSM	578	Dec 31	FY2025 (Jan 1 – Dec 31 2025)	$65.3M (+20% YoY)	Not yet reported (ETH treasury launched Aug 2025)	Gross profit $7.9M (full P&L pending)

Everstake’s Methodology

The analysis was based on a review of annual reports, quarterly filings (10-K, 10-Q, 20-F), earnings press releases, and other publicly available disclosures for 15 publicly listed companies with Ethereum treasury strategies. 

Reward and staking figures were drawn from the most recent reporting period available for each company as of May 2026. The 60% figure represents a simple average of each company’s disclosed staking-related revenue as a percentage of total revenue, calculated across the six companies that separately broke out staking income: BitMine Immersion Technologies (interim period, Sept 1, 2025 – Feb 28, 2026), Sharplink Inc., Bit Digital, Forum Markets, BTCS Inc., and FG Nexus. 

Companies that did not break out staking-related rewards, were not publicly listed, or had pending annual results at the time of publication, were excluded from the percentage calculation.

Conflict of Interest Statement

Everstake does not currently have a staking, validator, infrastructure, advisory, or other commercial relationship with any of the 15 companies included in the cohort.

The selection of companies, methodology, and 60% staking-revenue calculation were based solely on publicly available information and were not influenced by any client, commercial, or other relationship, as of May 2026.

Final Considerations

The overall situation discovered by Everstake suggests that the relevant market is in transition. As spot ETH ETFs offer essentially passive exposure at lower costs than DATs, which had dominated the market even a few years ago, the burden of proof for the latter has shifted from the size of their holdings to the efficiency of their use. 

Put simply, staking has become a structural floor for all DATs seeking to remain relevant in 2026 and beyond.

Sources used:

1. sec.gov
2. ir.forum-markets.com
3. btcs.com
4. hkexnews.hk
5. webdisclosure.fr
6. aquis.eu
7. biospace.com
8. crypto-reporter.com
9. tradingview.com
10. stocktitan.net
11. finance.yahoo.com
12. strategicethreserve.xyz 

Disclaimer:

This article is for educational and informational purposes only and does not constitute legal, financial, investment, or tax advice, nor an endorsement of any project, asset, or strategy. No professional or advisory relationship is created by reading this content.

Readers should not rely on this material as a substitute for independent professional advice tailored to their specific circumstances.