Ethereum Treasury Companies Rely Heavily on Staking Income Amidst Financial Challenges

A recent report from Everstake sheds light on the financial performance of Ethereum treasury companies. According to the report, six publicly traded companies that separately disclose staking-related income saw an average of 60% of their reported revenue come from staking income.

This trend is not limited to a select few companies. In fact, out of 15 publicly traded companies with Ethereum treasury strategies, those reporting losses in 2025 accumulated a combined net loss of approximately $1.41 billion. BitMine Immersion Technologies, for instance, reported a staggering net loss of $902 million in the six months ended February 28.

The primary reason behind these substantial losses is unrealized losses on digital assets. However, this also highlights the shift in strategy among Ethereum treasury companies. In response to the decline in spot crypto ETFs, these companies are increasingly focusing on yield strategies such as staking to justify their valuations.