Ether Treasury Firms Rely on Staking Revenue Amid $1.4B Losses

Publicly listed ether treasury companies have faced significant challenges in recent times, with losses mounting to over $1.4 billion due to the decline in cryptocurrency market capitalization. According to a study by Everstake, these firms are now relying heavily on staking revenue as a means of staying competitive and generating income.

The study analyzed data from 15 companies with ethereum treasury strategies and found that those that actively deployed their ETH generated far more meaningful operating revenue than those that simply held tokens. The results show that staking accounted for an average of 60% of total reported revenue across six firms that separately disclosed staking-related figures.

Everstake's findings suggest a broader repricing of digital asset treasury (DAT) companies, with many individual DAT stocks now trading below the value of their crypto holdings. The study concludes that size alone is no longer enough for ETH treasury companies to remain competitive, and that they must actively deploy capital in order to succeed.