Ethereum treasury firms have increasingly turned to staking as a primary revenue source, with staking accounting for 60% of their revenue in 2025, according to a report by staking provider Everstake. The report, which reviewed filings from 15 Ethereum treasury companies, highlights the growing reliance on yield-generation strategies amid declining ETH values and significant financial losses. Companies like Sharplink and Forum reported substantial portions of their revenue from staking, with Sharplink earning $25.6 million of its $28.05 million total revenue from staking. BitMine, the largest Ethereum treasury company, generated $11.81 million from staking between September 2025 and February 2026, representing over 80% of its revenue for that period. Despite these efforts, Ethereum treasury firms collectively posted $1.41 billion in net losses in 2025, with BitMine alone recording a $9.02 billion net loss due to the declining value of its ETH holdings. The shift towards staking and other yield-generating activities reflects the pressure on Ethereum treasury firms to adapt to a challenging market environment. With the introduction of ETH ETFs, passive holding strategies have become less attractive, prompting firms to actively deploy capital in staking and DeFi protocols to sustain their business models.