Ether Treasury Firms Look Beyond Passive Staking with Active Yield Strategies
As competition intensifies in the exchange-traded fund (ETF) space for staked Ether (ETH), corporate treasury firms holding the cryptocurrency are exploring more sophisticated strategies to generate alpha. According to Kean Gilbert, head of institutional relations at Lido, speaking with Cointelegraph at the Ethereum developer conference ETHCC 2026, companies may need to employ liquid staking and other active yield tactics to offer investors returns that surpass what’s already available through passive, listed Ether products.
Understanding the Liquid Staking Advantage
Liquid staking is a key innovation in the Ethereum ecosystem. It allows ETH holders to stake their tokens to secure the network while simultaneously receiving a transferable, liquid wrapper token—such as Lido’s stETH—that can be deployed elsewhere in decentralized finance (DeFi). This dual utility creates opportunities for yield stacking that traditional, illiquid staking does not permit.
Gilbert explained that strategies like using staked ETH as collateral to borrow additional assets, or deploying liquid staking tokens into DeFi lending and liquidity pools, could help treasury companies achieve higher risk-adjusted returns than the baseline staking rewards offered by passive ETFs. “It’s about activating the balance sheet,” he noted, implying that static holdings are becoming a less competitive option.
The Passive Staking ETF Landscape
The U.S. market now features several ETFs that provide investors with exposure to staked Ether. These include the REX-Osprey ETH + Staking ETF (launched September 2025), Grayscale’s Ethereum Staking ETF and Ethereum Staking Mini ETF, and BlackRock’s iShares Staked Ethereum Trust, which debuted on March 12, 2026.
However, comparing the exact yields from these products is complicated by varying fee structures and staking implementations. Public disclosures show a range of net staking rewards. For instance, Grayscale’s ETHE reported a 2.26% net reward as of April 6, 2026, while its ETH product showed 2.56% on April 2. By comparison, native Ethereum staking—staking directly on the Beacon Chain—was yielding approximately 2.72% annually, according to aggregator Staking Rewards.
Active Management vs. Passive Yield: A Different Value Proposition
Jimmy Xue, co-founder and COO of quantitative yield platform Axis, cautioned that treasury companies shouldn’t feel pressured to simply “beat” ETF headline yields. He framed them as fundamentally different investment vehicles. “A staked ETH ETF is a passive vehicle,” Xue stated. “A DAT [Digital Asset Treasury] trading at a meaningful mNAV [market net asset value] premium is promising something a passive ETF structurally cannot deliver, which is active, dynamic deployment of spot inventory across opportunities as they arise.”
The mNAV premium, he explained, reflects investor bets on the management team’s skill in actively allocating assets—through strategies like basis trading, lending, or liquidity provision—to generate excess returns. “Basis trading is a major yield source for treasury companies,” Xue added, highlighting the potential for profit from price discrepancies between spot and futures markets.
Corporate Adoption: Liquid Staking in SEC Filings
Public filings with the U.S. Securities and Exchange Commission (SEC) reveal that several prominent Ether treasury firms are indeed incorporating liquid staking into their strategies, though reporting granularity varies.
Sharplink Gaming, the second-largest corporate holder of ETH by on-chain value, disclosed in a March 2026 filing that it had generated 14,516 ETH (roughly $30.8 million at the time) in staking rewards. Of this total, 33% originated from liquid staking protocols, while 66% came from native staking. The company reported a significant $734 million net loss for 2025, largely attributed to the broader crypto market downturn in the latter half of the year.
Similarly, BTCS Inc., ranked as the 10th-largest Ether treasury company by returns, stated in a July 2025 filing that it had liquid-staked 4,160 ETH (worth about $8.8 million) through Rocket Pool nodes. This represented a portion of its total 29,122 ETH holdings.
Strategic Implications for the Future
The move toward active yield strategies—including but not limited to liquid staking—signals a maturation in how corporations manage crypto treasuries. While passive staking ETFs offer simplicity and regulatory familiarity for mainstream investors, treasury companies aiming for outperformance must leverage the full suite of DeFi tools.
As the sector evolves, transparency around these strategies will likely come under greater scrutiny. Investors will demand clarity on risk management, counterparty exposure, and the true source of yields, especially in volatile market conditions. The companies that can demonstrably and sustainably activate their ETH holdings may command a persistent valuation premium, separating active managers from passive trackers in the corporate crypto space.
This article is based on interviews with industry executives and public SEC filings. Yield figures are time-sensitive and subject to change based on network conditions and market dynamics. Readers are encouraged to conduct their own due diligence.
