Staking is emerging as a key pillar in the revenue structure of listed Ethereum (ETH) treasury firms.

BeInCrypto, a blockchain outlet, reported on May 26 that staking services provider Everstake said it analysed 15 listed Ethereum treasury firms with available disclosures and performance data through May 2026. The analysis showed about 60 percent of disclosed 2025 revenue came from staking.

The analysis is drawing attention as it was released while the firms were posting large net losses. For companies that separately disclosed staking-related revenue, asset management capability has emerged as a key indicator shaping results, rather than simply holding Ethereum. Bit Digital, for example, recorded about $7 million in Ethereum staking rewards in 2025, up 287 percent from a year earlier.

Despite the revenue increase, losses are continuing. The firms' combined net loss for fiscal 2025 totalled about $1.41 billion, and some companies saw losses widen sharply. BitMine Immersion Technologies recorded a net loss of about $9.02 billion over the six months through the end of February this year. This was analysed as the result of cryptocurrency market volatility and leverage exposure affecting results at the same time.

Changes in market structure are also pressuring corporate strategy. With the emergence of spot Ethereum exchange-traded funds (ETFs), the exclusive position of indirect exposure once provided by listed treasury firms has weakened. As a result, operational capabilities that can generate actual returns are becoming a new competitive benchmark, rather than a simple holding strategy.

Bodan Oprishko (보단 오프리슈코), Everstake's co-founder and chief operating officer, said "passive holding strategies are facing a structural reassessment" and that the market is moving toward generating returns from actively managed assets, not idle holdings. He added that validator-level strategies such as liquid staking, DeFi lending links and capturing MEV (Maximal Extracted Value) are becoming factors that determine corporate competitiveness.

The shift is also being reflected in stock valuations. Some Ethereum treasury firms are trading below the value of their holdings, showing a trend of a weakening market premium. This means investors are starting to stop paying a premium for simple exposure alone. Everstake said in its report that "staking has become a structural floor for any Ethereum treasury company seeking to remain relevant after 2026".

As a result, market attention is shifting to whether simple accumulation-focused companies can survive in the re-rated environment. The survey again confirmed that after the spread of spot ETFs, the competitiveness of listed Ethereum treasury firms depends not on how much they hold, but on how steadily they can generate returns from those assets.