Ethereum Companies Secure 60% of Revenue from Staking... "No Issues Even Amidst $1.4 Billion Deficit Bomb"

▲ Ethereum (ETH)

A survey has revealed that 60% of the public revenue of Ethereum (ETH) treasury companies originated from staking. Despite large net losses, companies that generate operational profits rather than simply holding assets are emerging as a more important evaluation criterion in the market.

BeInCrypto reported on May 26 (local time), citing research published by staking provider Everstake, that 60% of the public revenue of listed Ethereum treasury companies in 2025 came from staking. Everstake analyzed 15 listed Ethereum treasury companies up to May 2026, based on regulatory disclosures and earnings reports.

Among companies that separately disclosed staking-related revenue, the ability to generate profit has become a key operational metric. Bit Digital recorded $7 million in Ethereum staking rewards in 2025, a 287% increase from the previous year. Everstake evaluated staking as a major contributing factor to reported revenue performance.

However, the burden on the income statement remained significant. Ethereum treasury companies whose 2025 fiscal year performance could be confirmed recorded a combined net loss of $1.41 billion. Sharplink Inc. reported $28.1 million in revenue with a net loss of $734.6 million, while Bit Digital recorded $113.6 million in revenue with a net loss of $80.3 million. BTCS Inc. reported $16.5 million in revenue with a net loss of $33.4 million.

BitMine Immersion Technologies reported a net loss of $9.02 billion for the six months ending February 28, 2026. Although other companies also incurred substantial losses, Everstake focused on the structural shift where revenue is generated from actively managed assets rather than simply held assets.

Bohdan Opryshko, Co-founder and COO of Everstake, stated that passive holders are facing a structural re-evaluation. He said, “Companies actively deploying capital are setting new standards. That deployment is no longer limited to standard protocol staking. It includes advanced validator-level strategies such as liquid staking, DeFi lending market integration, optimized block building, and MEV capture.”

BeInCrypto reported that while digital asset treasury companies previously offered regulated cryptocurrency exposure paths to public market investors, Ethereum spot ETFs have weakened that exclusive structure. Everstake's research diagnosed that many digital asset treasury stocks are trading at a discount compared to the value of their held cryptocurrencies, indicating that investors are less willing to pay a premium for mere holding exposure. Staking has emerged as a structural foundation for relevant companies to maintain their presence in the market after 2026.

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