Key Takeaways
- Public companies are leaving nearly $5 billion in annual staking rewards unclaimed by not activating their crypto holdings.
- Early adopters like SharpLink and Upexi are leveraging staking strategies for major gains in revenue and share price.
- Inaction now poses a bigger risk than participation, as institutional staking shows zero slashing incidents.
- The future of corporate treasury management is shifting toward active, yield-generating blockchain strategies.
Billions Left Untouched
Global corporate treasuries hold hundreds of billions of dollars in cryptocurrency reserves but treat them as static balance-sheet trophies, missing out on an estimated $5 billion a year in staking income.
In its “State of On-Chain Treasuries 2025″ report, blockchain firm P2P shed light on the widening gap between crypto adoption and yield activation among public companies.
According to the report, Public companies have accumulated hundreds of billions of dollars in on-chain assets. Yet, despite the scale of these holdings, they are capturing only a fraction of the available protocol rewards. P2P estimated that nearly $5 billion in annual staking yields is left unclaimed, as corporate treasuries fail to activate their positions on proof-of-stake networks such as Ethereum and Solana.
Despite the surge in corporate crypto adoption, one critical distinction has been overlooked. While companies rushed to accumulate crypto assets, most failed to understand a fundamental difference between Bitcoin and newer networks. Bitcoin, while scarce and valuable, is fundamentally passive—digital gold. Ethereum and Solana, by contrast, were engineered to be productive. Their networks reward participants who contribute to security and operation through staking, the report stated.
“A company holding Bitcoin earns zero native yield—it’s purely a price appreciation play. The same $100 million in Ethereum could generate $3.5 million annually through basic staking, or $5 million with professional optimization. In Solana, those numbers jump to $6–8 million for basic staking, with sophisticated strategies pushing rewards above $10 million annually,” the report added.
P2P also noted that the necessary infrastructure to capture these rewards is already in place, as a growing number of institutional-grade staking platforms, including P2P itself, now offer certified and insured services tailored to corporate compliance standards, meaning the path is now clear of the technical and legal barriers that once deterred participation.
Early Glimpses of the Fortune
A small group of early movers is already demonstrating the financial impact of staking-enabled corporate treasuries, according to the report. These companies have gone beyond passive accumulation, using on-chain strategies to generate yield, boost revenue, and reshape investor sentiment.
SharpLink Gaming, which holds more than 270,000 ETH valued at $648 million, staked 100% of its treasury assets and earned 322 ETH in protocol rewards within six weeks of activation, while pushing its share price by 71%.
Similarly, on the Solana network, DeFi Development Corp built an 846,630 SOL treasury and began operating its own validator infrastructure, reporting holdings of 0.0456 SOL per share.
Meanwhile, Sol Strategies took a different path, raising $500 million through a convertible bond program dedicated to funding SOL purchases. The firm reported 186% revenue growth to $8.2 million in the first half of 2025, driven largely by validator rewards and staking rewards.
Among the early joiners, Upexi Inc. stands out for operating far outside the crypto sector while maintaining one of the largest SOL treasuries. The consumer products company kept its core e-commerce business intact while building a $333 million SOL position. It earned an 8% annualized staking yield and reported a 700% surge in its share price, according to the report.
These firms, according to P2P, offer a glimpse into how corporate treasuries can evolve from static holdings into yield-generating engines, even in sectors far from crypto-native finance.
No Yield Without Discipline
Crypto treasuries have not been spared the sector’s most dramatic failures, and risk remains a central concern for institutions entering the space.
According to the report, collapses between 2022 and 2024, including FTX’s $7.3 billion in losses, Genesis Global’s $3.4 billion in liabilities, and BlockFi’s $1.3 billion deficit on its balance sheet, highlighted deep structural vulnerabilities across the industry.
“These collapses shared common themes of centralized control, opaque operations, and misaligned incentives,” the report said.
Additionally, online threats and illegal activity across the crypto ecosystem continue to escalate. In 2024, illegal use of digital assets reached $40.9 billion, with North Korean-linked actors responsible for $1.34 billion, accounting for nearly two-thirds of all theft.
The report also warned that the most significant risk for corporate treasuries may now be inaction. By choosing not to stake, companies are missing out on consistent returns. Ethereum currently offers rewards of 3 to 5%, while Solana yields range from 5 to 8%.
According to P2P, firms using institutional-grade staking services have reported no slashing incidents, even when managing millions of dollars in staked assets on behalf of clients, highlighting the role of robust security practices for risk-conscious treasuries.
Activate or Hold Back
The report concludes with a clear message: corporate finance is at a crossroads.
While companies now hold hundreds of billions of dollars in crypto assets, most continue to treat them as static holdings, leaving billions in protocol rewards unclaimed.
According to P2P, this is not simply a missed financial opportunity, but a sign that many companies still misunderstand how blockchain networks are designed to function.
Early adopters have already moved. SharpLink has staked its entire treasury, earning more than 300 ETH in six weeks. DeFi Development Corp and Sol Strategies have turned validator operations into revenue streams, while firms like Galaxy Digital have shifted capital into higher-yielding networks. Even traditional institutions, such as BlackRock and Franklin Templeton, are now active on-chain.
In conclusion, the report states that the future of treasury management should no longer be passive, but rather optimized, strategic, and focused on generating yield. The only question, it adds, is which companies will activate in time and which will continue to hold back.
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