Everstake Says Staking Drives 60% Of ETH Treasury Revenue As Spot ETFs Squeeze Margins

Ethereum treasury firms are leaning heavily on staking revenue as spot exchange-traded funds (ETFs) reshape crypto exposure in public markets, according to a report from staking provider Everstake.

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Everstake said staking now constitutes an average of 60% of disclosed revenue for six ETH treasury firms, after examining 15 publicly listed companies with Ether (ETH) treasury strategies.

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The report also said firms reporting 2025 losses collectively posted $1.41 billion in net losses, including BitMine Immersion Technologies’ $9.02 billion net loss attributed largely to unrealized asset devaluation.

Everstake co-founder Bohdan Opryshko said, "Deployment is no longer limited to standard protocol staking," pointing to diversification strategies like liquid staking and DeFi lending.

The report added that spot Ethereum ETFs had amassed over $13.6 billion in net assets as of May 2026, accounting for approximately 4.9% of ETH’s total market capitalization.

The Everstake report warned that investor sentiment appears to be cooling, citing recent ETF outflows including a nine-day streak ending May 21 that saw $32.6 million in net redemptions.

It said sustained outflows could push ETH prices toward $1,700, well below its current level of $2,126 (as of May 26).

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Ignacio Aguirre, CMO of crypto exchange Bitget, said that while ETFs are a factor in DAT repricing, other variables like ETH price volatility, treasury strategy, and market sentiment also play a role.

Aguirre highlighted that staking offers treasury firms a recurring revenue stream but cautioned that returns must offset risks like dilution and operating expenses.

He added, "Staking-enabled ETH ETFs could further pressure treasury models, though they’re more complementary than existential threats," as the report framed passive holding strategies as no longer sufficient.

A Bernstein Research report described the tokenized real-world assets (RWA) market as having grown 42% this year, reaching $51 billion.

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The report said the primary driver of that growth is the private credit segment, which accounts for nearly 44% of the total RWA value.

Cointelegraph reported that Figure Technology Solutions (FIGR) ranked first among tokenized RWA platforms with $18 billion in assets, and that Figure has tokenized $5 billion in consumer loans so far in 2026.

Cointelegraph also said monthly loan volume reached a record $1.3 billion in April 2026, and that Connect, Figure’s blockchain marketplace for credit, contributed 56% of total loan volumes in the first quarter of 2026.

Stobox co-founder Ross Shemeliak told Cointelegraph, "Private credit is becoming one of the fastest-growing sectors in real-world assets because it solves two major problems at once: investors want yield, and businesses need capital."