ETH Treasury Firms Turn to Staking as Spot ETFs Squeeze Margins

Ethereum treasury companies are leaning heavily on staking revenue as spot exchange-traded funds (ETFs) reshape the dynamics of crypto exposure in public markets. According to a new report from staking provider Everstake, staking now constitutes an average of 60% of disclosed revenue for six ETH treasury firms, underscoring the increasing importance of active yield generation.

The report examined 15 publicly listed companies with Ether (ETH) treasury strategies and found that firms reporting 2025 losses collectively posted $1.41 billion in net losses. This includes BitMine Immersion Technologies, which recorded a staggering $9.02 billion net loss largely attributed to unrealized asset devaluation rather than operational inefficiency.

Everstake co-founder Bohdan Opryshko noted that the era of pure passive ETH accumulation as a viable public-market strategy may be coming to an end. Spot ETFs, which provide simpler and potentially cheaper exposure to Ethereum, have reduced the premium historically associated with digital asset treasury companies (DATs). “Deployment is no longer limited to standard protocol staking,” Opryshko said, pointing to diversification strategies like liquid staking and DeFi lending.

Spot Ethereum ETFs, which have amassed over $13.6 billion in net assets as of May 2026, now account for approximately 4.9% of ETH’s total market capitalization. However, investor sentiment appears to be cooling. Recent ETF outflows, including a nine-day streak ending May 21 that saw $32.6 million in net redemptions, suggest declining institutional interest. Analysts warn that sustained outflows could push ETH prices toward $1,700, well below its current level of $2,126 (as of May 26).

Ignacio Aguirre, CMO of crypto exchange Bitget, said that while ETFs are a factor in DAT repricing, other variables like ETH price volatility, treasury strategy, and market sentiment also play a role. He highlighted that staking offers treasury firms a recurring revenue stream but cautioned that returns must offset risks like dilution and operating expenses. “Staking-enabled ETH ETFs could further pressure treasury models, though they’re more complementary than existential threats,” Aguirre added.

For treasury firms, the message is clear: passive holding strategies are no longer sufficient. With ETF demand dictating institutional flows and market prices, staking and other active yield mechanisms are becoming a necessity for maintaining relevance. Yet, even these strategies may not fully shield firms from broader market headwinds, leaving them in a precarious position as the ETH ecosystem continues to evolve.

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