Ether treasury companies may need to adopt liquid staking and other active yield strategies if they want to offer investors returns that go beyond what is already available through listed staked Ether products. That assessment comes from Kean Gilbert, head of institutional relations at Lido, who spoke to reporters at ETHCC 2026. Liquid staking allows ETH holders to stake their tokens while receiving a transferable token that can still be deployed across decentralized finance protocols. Gilbert noted that strategies such as posting ETH as collateral and borrowing against it could help treasury companies generate returns above those of passive staking products.
The US market for listed staked ETH products has grown considerably. Available 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, which was introduced on March 12. Issuer disclosures reveal different staking economics across these products, making direct yield comparisons difficult. Grayscale’s ETHE page showed net staking rewards of 2.26% as of April 6, while its ETH page showed 2.56% as of April 2, compared with native ETH staking yielding approximately 2.72% annually according to Staking Rewards.
Not everyone agrees that treasury companies must beat listed staking products on headline yield. Jimmy Xue, co-founder and chief operating officer of quantitative yield platform Axis, argues that Ether treasury companies and staked ETH products are fundamentally different investment vehicles. He said the premium investors pay above net asset value reflects their confidence in management’s ability to deploy the treasury effectively. Xue also identified basis trading as a significant yield source for treasury companies operating in this space.
Public disclosures show several Ether treasury firms already employing staking or liquid-staking-related strategies, though the level of detail varies. Sharplink Gaming, the second-largest corporate Ether holder, reported generating 14,516 ETH, worth approximately $30.8 million, in staking rewards as of March. According to a March 1 filing with the US Securities and Exchange Commission, 33% of those rewards came from liquid staking and 66% from native staking. The company also reported a $734 million net loss for 2025, largely attributed to a sharp crypto market downturn in the second half of the year.
BTCS Inc., ranked as the tenth-largest Ether treasury company by returns, has also incorporated liquid staking into its strategy. Out of total holdings of 29,122 ETH, the company has liquid staked 4,160 ETH, valued at approximately $8.8 million, through nodes on the Rocket Pool protocol, according to a July 2025 SEC filing. The varying approaches across firms highlight that there is no single standard model for how treasury companies manage their ETH holdings. Cointelegraph has reached out to BitMine, SharpLink, and The Ether Machine for comment on the role liquid staking plays in their respective strategies.
Originally reported by CoinTelegraph.
