ETH Treasury Firms Rely on Staking Revenue as Losses Top $1.4B, Everstake Says

The findings point to a broader repricing of digital asset treasury (DAT) companies. Everstake said the 283 largest DAT firms hold a combined $118.3 billion in underlying assets, with an aggregate premium of 17.7%. But many individual DAT stocks now trade below the value of their holdings.

That marks a shift from earlier market cycles, when public treasury companies were among the few regulated routes for equity investors seeking digital asset exposure. Spot and ether ETFs have changed that equation by offering simpler and often cheaper access.

Bohdan Opryshko, Everstakes co-founder and CEO, said the market is rewarding deployed assets over idle balances.

DATs that rely on passive exposure are being structurally repriced, while those that actively deploy capital are setting the new standard. That deployment is no longer limited to standard protocol staking. It includes liquid staking, integration into DeFi lending markets, optimized block construction, and MEV capture.

Everstakes conclusion is blunt: size alone is no longer enough. For ETH treasury companies, the next test is not how much ether they hold, but how efficiently they put it to work.