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Corporate Ether treasury companies will need to deploy liquid staking and active yield strategies if they want to offer returns that go beyond what investors can already access through listed staked Ethereum products. That was the view of Kean Gilbert, head of institutional relations at Lido, speaking at ETHCC 2026.
Gilbert said that strategies such as posting Ethereum as collateral and borrowing against it could help treasury operators produce yields that passive staking products cannot match. Liquid staking allows Ethereum holders to stake their tokens while receiving a transferable receipt token. That token can still be deployed in decentralized finance while the original stake remains active.
Several listed staked Ethereum products are now available to U.S. investors. The REX-Osprey ETH + Staking ETF launched in September 2025. Grayscale offers both an Ethereum Staking ETF and an Ethereum Staking Mini ETF. BlackRock’s iShares Staked Ethereum Trust ETF launched on March 12. Issuer disclosures show different staking economics across these products, making direct yield comparisons difficult.
As of early April, Grayscale’s ETHE showed net staking rewards of 2.26%, while its Ethereum product showed 2.56%. Native Ethereum staking was yielding approximately2.72% annually, according to Staking Rewards data.
Jimmy Xue, co-founder and COO of quantitative yield platform Axis, said corporate treasury vehicles do not need to match staked Ethereum products on headline yield. He explained that a passive ETF and a digital asset treasury trading at a premium to net asset value are structurally different instruments. “The mNAV premium investors pay reflects confidence in management’s ability to put that treasury to work,” Xue said. He identified basis trading as a primary yield source for treasury operators.
Public filings show that some companies are already using liquid staking. Sharplink Gaming, the second-largest corporate Ethereum holder, reported generating 14,516 Ethereum in staking rewards as of March. A March 1 SEC filingshowed that 33% of those rewards came from liquid staking and 66% from native staking. The company reported a $734 million net loss for 2025, driven primarily by the crypto market downturn in the second half of the year.
BTCS Inc., the 10th-largest Ether treasury company by returns, has liquid staked 4,160 Ethereum worth approximately $8.8 million through Rocket Pool nodes. That represents a portion of its total holdings of 29,122 Ethereum, based on a July 2025 SEC filing.
The contrast between passive staked ETF products and active treasury strategies is becoming more relevant as more companies build Ethereum positions. Gilbert’s argument is that without a differentiated approach to yield, corporate treasury vehicles offer little that a listed ETF does not already provide.
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