Everstake analyzed in a report that companies adopting an ETH accumulation strategy (DAT) are becoming more dependent on staking revenue as their competitiveness weakens with a simple ETH holding strategy due to spot ETFs. Cointelegraph cited the report, stating, "For the six ETH accumulation companies that separately disclosed staking revenue, staking-related revenue accounted for an average of 60% of their total disclosed revenue. In contrast, the total net loss for companies that recorded losses amounted to approximately $1.41 billion." Everstake explained, "With the emergence of spot ETFs, investors can access ETH price exposure more easily, increasing the need for DAT companies to secure additional revenue models such as staking, DeFi lending, and MEV strategies."
