Everstake Reveals Why ETH Treasury Firms Are Under Pressure

For a long time, accumulating ether was enough to drive up crypto companies’ valuations. However, this model now shows its limits. Despite billions of dollars in ETH reserves, several publicly traded companies report massive losses, according to an Everstake study. In a market now dominated by Ethereum spot ETFs, investors expect more than mere price exposure. Staking and revenues generated by blockchain infrastructure become the new key criteria. Ethereum is thus beginning a major transformation, shifting from a speculative asset to a true yield engine.

Ethereum Treasuries Weakened by a More Demanding Market

While criticism against the Ethereum Foundation is growing, Everstake’s report reveals the extent of difficulties faced by so-called “Digital Asset Treasury” companies. Thus, companies that published deficit results in 2025 accumulate more than $1.41 billion in losses.

At the same time, the total crypto market capitalization dropped by 30.6 % in seven months, falling from $3,690 billion to $2,560 billion. Several companies display particularly mixed results :

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

According to Everstake, the arrival of Ethereum spot ETFs has profoundly changed investors’ perception of publicly traded companies holding cryptos. The report highlights that several DAT companies are now trading below the real value of their digital reserves. This evolution weakens the historic model based on simple exposure to the ETH price.

Bohdan Opryshko, co-founder and CEO of Everstake, summarizes this shift by stating: “DAT companies that settle for passive exposure are gradually being devalued by the market, while those actively deploying their capital now set a new standard.” In other words, the market now rewards companies capable of turning their Ethereum reserves into operational revenue sources.

Staking Establishes Itself as an Unavoidable Growth Driver

Facing this financial pressure, several companies specialized in Ethereum accelerate their transition towards yield strategies. Everstake explains that among the six companies that communicated revenues related to staking, this activity now represents nearly 60% of the total declared turnover. Bit Digital illustrates this trend with Ethereum staking revenues reaching $7 million, an annual increase of 287%. SharpLink also derives most of its revenues from this activity: of its $28.1 million in turnover, $25.6 million comes from staking. The report thus shows that companies no longer merely hold their ETH, but now seek to actively exploit their reserves to generate recurring financial flows.

Everstake mentions the emergence of new strategies combining liquid staking, DeFi loans, validator optimization, block building, 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 gradually brings some crypto companies closer to a hybrid model between blockchain infrastructure and institutional asset management. Ethereum reserves thus become yield-producing tools rather than mere speculative positions exposed to market volatility.

This evolution could redefine how investors evaluate crypto-related companies. Until now, the value of many companies essentially depended on the bitcoin or ether price held in reserve. Everstake’s report indicates that a new criterion now prevails: the ability to produce sustainable revenues through cryptos. In a market where ETFs already offer direct exposure to cryptos, publicly traded companies will likely have to demonstrate real operational efficiency to continue attracting capital.