A sudden shift in Ethereum staking is draining billions from exchanges toward a new corporate elite
Public companies' ETH treasuries are rapidly growing by staking assets, shifting billions away from exchanges toward institutional staking solutions.Summary
Public companies are increasingly adopting Ethereum staking, with corporate digital asset treasuries estimated to hold 6.5–7.0 million ETH by the end of 2025, representing over 5.5% of the circulating supply. This strategy leverages Ethereum's proof-of-stake mechanism to earn native rewards (around 3% APY) while using stock premiums (mNAV arbitrage) to finance further ETH accumulation. Everstake's report identifies key players like BitMine, SharpLink Gaming, and The Ether Machine executing this 'flywheel' strategy. This shift is causing billions in ETH to move away from retail-focused exchanges like Coinbase towards compliance-oriented staking solutions, such as Liquid Collective's LsETH, indicating institutionalization of staking infrastructure. The long-term success of this corporate ETH trade hinges on operational resilience in staking and the ability of their equity wrappers to consistently maintain market premiums for financing growth.
(Source：CryptoSlate)