Public Ethereum treasury firms lost $1.41 billion in 2025 as staking revenue replaced passive ETH exposure models.
Fifteen publicly listed companies with Ethereum (ETH) treasury strategies posted combined net losses of approximately $1.41 billion in 2025, according to a report published by Everstake, a staking infrastructure provider. The study reviewed firms that hold ETH as a primary balance sheet asset.
Staking income made up an average of 60% of disclosed revenue among six companies that separately reported this data. Those companies are BitMine Immersion Technologies, SharpLink, Bit Digital, Forum Markets, BTCS and FG Nexus. Companies that did not break out staking rewards or had incomplete annual results were excluded from the calculation.
BitMine Immersion Technologies posted a $9.02 billion net loss for the six months ending Feb. 28, 2026. Everstake clarified that unrealized losses on digital assets drove most of the figure. Operating losses made up a smaller portion of the total.
ETFs Erode Treasury Premium
Everstake frames the shift as part of a broader repricing of digital asset treasury (DAT) companies. These firms previously offered one of the few regulated paths for public-market investors to access crypto. Spot ETH exchange-traded funds (ETFs) have reduced that advantage, pressuring treasury companies to justify their valuations through staking, decentralized finance (DeFi) lending, MEV capture, and other yield strategies.
Everstake co-founder Bohdan Opryshko said DATs relying on passive ETH exposure are being structurally repriced. He said deployment strategies have expanded to include liquid staking, DeFi lending, and validator-level approaches. He told Cointelegraph 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.
Opryshko also noted that staking revenue alone cannot support every ETH treasury model. ETH price volatility, dilution, net asset value discounts, financing costs, and operating expenses can erode staking yields. Companies with weak capital structures or inefficient treasury management are most exposed to these pressures, he said.
Ignacio Aguirre, chief marketing officer at crypto exchange Bitget, said spot ETFs have raised the bar for ETH treasury companies seeking a valuation premium. He told Cointelegraph he would not attribute the repricing to ETFs alone. ETH treasury companies are equity vehicles, and investors also weigh price performance, balance sheet quality, dilution risk, and broader market sentiment, he said. Aguirre added that staking-enabled ETH ETFs are more complementary than existential threats to treasury companies at this stage, though he flagged them as a potential future pressure point. #Ethereum #ETH #Staking #CryptoTreasury
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