ETH Treasury Firms Lost $1.41B in 2025, Everstake Study Finds

Public companies that hold ETH as a treasury strategy lost about $1.41 billion between them in fiscal 2025, according to a study Everstake published on 26 May 2026. Everstake reviewed the filings of 15 such companies. It also found that staking, at the firms that reported it separately, made up 60% of their revenue on average.

For someone holding these stocks, the two numbers answer different questions. The 60% describes where revenue comes from, not whether it covers costs. At most of these firms it does not come close. Sharplink earned $25.6 million from staking in 2025 and reported a net loss of $734.6 million.

What the $1.41 Billion Covers

The headline figure has a narrow scope. Everstake's wording is precise:

"Among the companies in the cohort with FY2025 results available and reported net losses, combined net losses amounted to approximately $1.41B."

That excludes any firm without FY2025 results and any firm that made money. Everstake does not list which companies make up the sum. The five FY2025 losses it does name, at Sharplink, Forum Markets, Bit Digital, FG Nexus and BTCS, add up to about $1.37 billion.

The largest loss sits outside that total. BitMine Immersion Technologies posted a $9.02 billion net loss for the six months ended 28 February 2026. Its fiscal year ends in August, and for FY2025 it reported net income of $348.6 million. BitMine holds 5,180,000 ETH, according to Everstake's table.

The study does not explain what drove the losses. It does note the backdrop: total crypto market cap fell about 30.6%, from $3.69 trillion to $2.56 trillion, over the seven months before publication.

Staking Revenue Against Losses

All company figures below come from Everstake's compilation. We have not checked them against the companies' own SEC filings.

The spread is wide. By our arithmetic, staking was all of Forum Markets' revenue, about 91% of Sharplink's and about 89% of BitMine's in the interim period. At Bit Digital it was about 6%, even though its staking rewards grew 287% from 2024 to $7 million.

How the 60% Was Calculated

Everstake says the figure is "a simple average of each company's disclosed staking-related revenue as a percentage of total revenue, calculated across the six companies that separately broke out staking income." Those six are the firms in the table.

Two things follow. A simple average gives tiny FG Nexus the same weight as Bit Digital, whose revenue is about 47 times larger. And the figure is not purely FY2025: it uses BitMine's interim period, not its full fiscal year.

Everstake reads the result as a sign that "active deployment has become the dominant strategy over idle accumulation." Its co-founder Bohdan Opryshko went further: "DATs that rely on passive exposure are being structurally repriced, while those that actively deploy capital are setting the new standard." Everstake says it has no staking, validator, advisory or other commercial relationship with any of the 15 companies.

The Wider Treasury Market

The study puts the ETH firms in a larger group. The 283 top DAT (digital asset treasury) companies hold $118.3 billion in underlying assets, with an aggregated premium of 17.7%, though Everstake notes many trade at a discount.

The question for shareholders is not whether staking produces income. These filings show it does. It is whether that income can grow fast enough to matter next to losses that, at most of these firms, are many times larger than their entire revenue.