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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Ether treasury companies may need to use liquid staking and other active yield strategies to offer investors returns beyond the staking rewards already available through listed Ether products, Kean Gilbert, head of institutional relations at Lido, said at ETHCC 2026.
Gilbert said liquid staking allows Ether (ETH) holders to stake their tokens while receiving a transferable token that can still be deployed elsewhere in decentralized finance (DeFi).
He added that strategies such as posting ETH as collateral and borrowing against it could help treasury companies generate higher returns than passive staking products.
US-listed staked ETH products now include the REX-Osprey ETH + Staking ETF, launched in September 2025, Grayscale’s Ethereum Staking ETF and Ethereum Staking Mini ETF, and BlackRock’s iShares Staked Ethereum Trust ETF, introduced on March 12.
Issuer disclosures show different staking economics across Ether products, making direct yield comparisons difficult. Grayscale’s ETHE page showed 2.26% net staking rewards as of April 6, while Grayscale’s ETH page showed 2.56% as of April 2. Native ETH staking was yielding about 2.72% annually, according to Staking Rewards.
Jimmy Xue, co-founder and chief operating officer of quantitative yield platform Axis, said Ether treasury companies do not necessarily need to outperform staked Ether products on headline yield because the vehicles are different.
“A staked ETH ETF is a passive vehicle. A DAT trading at a meaningful mNAV premium is promising something a passive ETF structurally cannot deliver, which is active, dynamic deployment of spot inventory across opportunities as they arise.”
Xue said the mNAV premium investors pay reflects confidence in management’s ability to put treasury assets to work, and that basis trading is a major yield source for treasury companies.
Public disclosures indicate several Ether treasury firms using staking or liquid-staking-related strategies, though the level of detail varies by company.
Sharplink Gaming, the second-largest corporate Ether holder, generated 14,516 ETH (around $30.8 million) in staking rewards as of March. In a March 1 filing with the US Securities and Exchange Commission, the company said 33% of these rewards came from liquid staking and 66% from native staking.
Sharplink also reported a $734 million net loss for 2025, largely driven by the sharp crypto market downturn in the second half of the year.
BTCS Inc., the 10th-largest Ether treasury company by returns, has staked part of its Ether holdings through the liquid staking protocol Rocket Pool. According to a July 2025 SEC filing, out of total 29,122 ETH holdings, BTCS liquid staked 4,160 ETH (about $8.8 million) through Rocket Pool nodes.
Cointelegraph said it approached BitMine, SharpLink and The Ether Machine for comment on the role of liquid staking in their strategies.
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