Public companies that hold ether are leaning harder on staking revenue to cover losses, according to a study by Everstake cited by Bitcoin.com.
The headline number is the scale of the problem. Bitcoin.com reports Everstake found losses “top $1.4B,” while “investor premiums shrink.” In the same account, Everstake says the treasury model is shifting away from plain “crypto exposure” and toward “active yield generation.”
Why it matters
Staking income changes the risk stack for ETH treasury holders. Without staking, a company mainly eats price risk on its ether holdings. With staking, it adds operational and protocol-linked dependencies that come with running validators, maintaining uptime, and managing stake-related mechanics.
Everstake’s framing, as reported by Bitcoin.com, is that revenue is no longer just “holding” related. The study claims staking is the key cashflow driver. Bitcoin.com states that staking drives “60% of revenue for ETH treasury companies.”
That matters because staking revenue depends on ETH network dynamics and the ability to keep rewards flowing. If those conditions degrade or if costs rise, the treasury can start to resemble a yield product rather than a passive asset bucket.
Market impact
Bitcoin.com ties the shift to two pressures at once. Losses are rising and investor premiums are shrinking, which typically means the market is paying less extra for exposure to these corporate treasuries.
Everstake’s conclusion, as summarized by Bitcoin.com, is that this is pushing listed treasuries to pursue yield, not just hold ether. In practice, that can also change how investors evaluate these firms. The business case starts to hinge on the reliability of staking revenue relative to expenses and the downside from any remaining ether price risk.
What to watch next
Bitcoin.com’s report points to a single lever that is doing a lot of work. If staking continues to represent 60% of revenue, listed treasuries may keep structuring around it. If not, losses and valuation pressure could accelerate.
Watch whether these companies keep increasing reliance on staking to offset drawdowns. Also watch for any signals that staking returns or staking costs change enough to stress cashflow.
Here is what Bitcoin.com attributes to Everstake in the cited study.
| Fact (as reported by Bitcoin.com) | Detail |
|---|---|
| Losses | Top $1.4B |
| Investor premiums | Shrinking |
| Revenue mix | Staking drives 60% of revenue for ETH treasury companies |
| Model shift | From simple crypto exposure to active yield generation |
If staking revenue is the bridge, it is also the bridge with guardrails. The study described in Bitcoin.com suggests those guardrails are now central to how these treasuries survive.