Ethereum Treasury Companies Pivot to Staking Under ETF Pressure

According to an Everstake report, companies holding Ethereum in their treasuries are being forced to utilize staking and other yield-generating strategies. The entry of spot crypto ETFs into the market has diminished the appeal of public companies that simply hold Ether (ETH) assets. This is reported by Cointelegraph.com reports .

For the six major Ethereum treasury firms that participated in the study and disclosed staking yields separately, this stream accounted for an average of 60% of total revenue. Among the 15 public companies analyzed by Everstake, losses in 2025 amounted to nearly $1.41 billion, with companies like BitMine Immersion Technologies recording significant unrealized losses due to the decline in digital asset prices.

Previously, Digital Asset Treasury (DAT) companies were one of the few regulated ways for investors to access the crypto market. However, with the arrival of spot ETFs, investors gained direct access to passive assets. This is pushing companies to shift toward active yield strategies such as staking, DeFi lending, and MEV to justify their value.

Everstake founder Bohdan Opryshko noted that the passive ETH accumulation strategy is no longer viable. According to him, staking and other active asset management methods are necessary to maintain the company model, though they may not be sufficient. This is because ETH price volatility, operational costs, and financing rates remain higher than staking yields.

Bitget CMO Ignacio Aguirre also confirmed that spot ETFs have complicated the situation for DAT companies. Nevertheless, he reminded investors to focus not only on the ETF factor but also on the company's balance sheet quality, share dilution risks, and overall market sentiment.