Ethereum Treasury Firms Post $1.41 Billion Losses Despite Rise in Staking

For a long time, accumulating ether was enough to drive up the valuation of crypto companies. However, this model is now showing its limits. Despite billions of dollars in ETH reserves, several listed companies are experiencing massive losses, according to a study by Everstake. In a market now dominated by Ethereum spot ETFs, investors expect more than just price exposure. Staking and revenues generated by blockchain infrastructure are becoming the new key criteria. Ethereum is thus beginning a major transformation, going from a speculative asset to a real engine of return.

Ethereum treasuries weakened by a more demanding market

While criticism is increasingly legion towards the Ethereum Foundation, the Everstake report reveals the extent of the difficulties encountered by so-called companies “Digital Asset Treasury”. Thus, companies having published loss-making results in 2025 have accumulated more than $1.41 billion in losses.

At the same time, the total capitalization of the crypto market fell by 30.6% in seven months, from $3.69 trillion to $2.56 trillion. Several companies show particularly mixed results:

• Bitmine Immersion Technologies reported a net loss of $9.02 billion for the six months ended February 28, 2026, following an annual profit of $348.6 million the year before;
• SharpLink reported $734.6 million in losses for just $28.1 million in revenue;
• BTCS posts 33.4 million dollars in losses for 16.5 million in turnover;
• Bit Digital posted $80.3 million in losses despite $113.6 million in revenue.

According to Everstake, the arrival of Ethereum spot ETFs has profoundly changed investors' perceptions of listed companies holding cryptos. The report highlights that several DAT companies are now trading below the true value of their digital reserves. This development weakens the historical model based on simple exposure to the price of ETH.

Bohdan Opryshko, co-founder and CEO of Everstake, summary this shift by asserting: “DAT companies that are content with passive exposure are gradually devalued by the market, while those that actively deploy their capital are now setting a new standard”. In other words, the market now rewards companies capable of transforming their Ethereum reserves into a source of operational income.

Staking emerges as an essential growth engine

Faced with this financial pressure, several companies specializing in Ethereum are accelerating their transition to yield strategies. Everstake explains that, among the six companies reporting staking-related revenues, this activity now represents nearly 60% of total reported revenue. Bit Digital illustrates this trend with Ethereum staking revenues reaching $7 million, an annual increase of 287%. SharpLink also derives most of its revenue from this activity: of its $28.1 million in revenue, $25.6 million comes from staking. The report shows that companies are no longer content with holding on to their ETH, but are now seeking to actively exploit their reserves to generate recurring financial flows.

Everstake discusses the emergence of new strategies combining liquid staking, DeFi lending, validator optimization, block construction and MEV capture. Bohdan Opryshko believes that “the next generation of DAT companies will look less like passive holding companies and more like actively managed crypto funds”. This transformation is gradually bringing certain crypto companies closer to a hybrid model between blockchain infrastructure and institutional asset management. Ethereum reserves then become yield-producing tools rather than simple speculative positions exposed to market volatility.

This development could redefine how investors evaluate crypto-related businesses. Until now, the value of many companies mainly depended on the price of bitcoin or ether held in reserve. The Everstake report indicates that a new criterion now takes precedence: the ability to produce sustainable income through cryptos. In a market where ETFs already provide direct exposure to cryptos, listed companies will likely need to demonstrate true operational efficiency to continue to attract capital.