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Corporate treasuries holding Ether (ETH) must look to liquid staking to beat the yields from at least four new staked Ether ETFs, according to a Lido executive speaking at ETHCC 2026. "A staked ETH ETF is a passive vehicle. A DAT trading at a meaningful mNAV premium is promising something a passive ETF structurally cannot deliver, which is active, dynamic deployment of spot inventory," Jimmy Xue, co-founder of quantitative yield platform Axis, said in comments on the matter. Recently launched products from BlackRock, Grayscale, and REX-Osprey offer passive staking yields between 2.26 percent and 2.56 percent, according to issuer disclosures from early April. This compares to a native ETH staking yield of approximately 2.72 percent annually, as data from Staking Rewards shows. The comments highlight a growing competition between passive TradFi investment products and active DeFi yield strategies, forcing corporate treasuries to justify their management by generating higher, risk-adjusted returns on their ETH holdings on Ethereum. Corporations Already Deploying Active Strategies Lido’s head of institutional relations, Kean Gilbert, told Cointelegraph that strategies such as using liquid staking derivatives as collateral could help treasury companies generate higher returns than these new passive products. Liquid staking allows ETH holders to stake their tokens while receiving a liquid staking token (LST) that can be used elsewhere in DeFi. Public filings confirm this strategy is already in use. Sharplink Gaming, the second-largest corporate Ether holder, generated 14,516 ETH (about $30.8 million) in staking rewards as of March, with 33 percent of those rewards coming from liquid staking, according to a March 1 SEC filing. Similarly, BTCS Inc., another major Ether treasury company, has staked 4,160 ETH ($8.8 million) through the liquid staking protocol Rocket Pool, representing about 14 percent of its total 29,122 ETH holdings, a July 2025 filing showed. The increasing adoption of these strategies by public companies could drive more capital into DeFi protocols like Lido and Rocket Pool as the hunt for yield intensifies. This article is for informational purposes only and does not constitute investment advice.
Lido Proposes 10,000 stETH Buyback at Historically Low LDO/ETH Ratio The Lido Growth Committee has proposed using up to 10,000 stETH from the DAO's treasury to execute a buyback of its native LDO token. The proposal directly addresses the token's valuation, citing a historically low LDO to ETH exchange ratio of approximately 0.00016. If approved, the buyback would deploy significant capital to create buying pressure on LDO, signaling the DAO's confidence in the token's fundamental value. The goal is to correct the perceived market undervaluation and attract new investment into the Lido ecosystem. 23% Revenue Drop in 2025 Prompts Strategic Shift This aggressive treasury action follows a challenging financial year for the protocol. Lido's total revenue for 2025 fell 23% to $40.5 million, down from $52.4 million the previous year. The decline was driven by a combination of staking outflows, reduced average staking rewards across the Ethereum network, and intensifying competition. Net staking fee revenue landed at $37.4 million for the period. In response to these headwinds, Lido also reduced its total expenses by 13% to $45.5 million, which included a 15% workforce reduction in August. The protocol's treasury stood at approximately $157.5 million at the end of 2025. LDO Price Lags Despite New Institutional Product Launch Lido's token price has struggled to reflect positive ecosystem developments. The LDO token recently dropped approximately 5% from a high of $0.3054, underperforming the broader market even as the protocol achieved a key milestone. Lido, in partnership with Northstake and Balance Trust, launched its V3 stVaults for North American institutional investors, a move designed to attract regulated capital. This modular architecture allows institutions to stake ETH on their own terms without sacrificing liquidity. The disconnect between this fundamental progress and the LDO token's recent price action highlights the challenge the buyback proposal aims to address.
Lido's Protocol Revenue Falls 40% in Q1 2026 A report published on March 25, 2026, revealed that liquid staking protocol Lido experienced a 40% decrease in protocol revenue during the first quarter. The decline occurred despite rising overall demand for Ethereum staking and Lido successfully maintaining its market share. This divergence between market leadership and financial performance highlights growing concerns over the protocol's long-term economic model and its ability to generate sustainable profits. Bitmine Launches MAVAN with $6.8B Staked ETH The pressure on Lido intensifies with the arrival of a formidable institutional competitor. Bitmine Immersion Technologies, led by Fundstrat’s Tom Lee, announced the launch of its Made-in-America Validator Network (MAVAN). The platform went live with over 3.1 million ETH already staked, worth approximately $6.8 billion, instantly making it the largest single-entity Ethereum staking service. Bitmine's total holdings reach roughly 4.6 million ETH valued at $9.7 billion, with a stated goal of eventually controlling 5% of the total ETH supply, signaling a long-term strategic challenge to incumbents. Staking Landscape Shifts Toward Institutional Competition Lido’s financial struggles coincide directly with the emergence of a powerful, well-capitalized rival. Bitmine’s new operation is projected to generate between $180 million and $272 million in annual staking rewards, underscoring the lucrative market it aims to capture. This development is poised to trigger a re-evaluation of valuations across the liquid staking sector, as investors may shift focus from protocols with high market share to those with more robust and profitable business models. The entrance of MAVAN marks a significant pivot in the Ethereum ecosystem, where institutional-grade infrastructure and financial sustainability are becoming critical differentiators.
Lido Targets 50% of DeFi Market with Stablecoin Push Lido, the largest liquid staking protocol on Ethereum, has officially expanded its offerings with the launch of EarnUSD, its first investment vault dedicated to stablecoins. The new product accepts deposits of the market's two largest stablecoins, USDC and USDT, and automatically allocates them across a portfolio of decentralized finance (DeFi) strategies to generate yield. This launch is part of a broader overhaul of the Lido Earn program, which now simplifies yield generation into two primary vaults: EarnUSD for stablecoins and EarnETH for ether-based assets like ETH, WETH, and Lido's own stETH. Strategic Pivot Reduces Reliance on Ether Staking The move into stablecoins marks a significant strategic shift for Lido, which has historically built its dominance on ether liquid staking. With dollar-pegged tokens now accounting for approximately half of all DeFi activity on the Ethereum network, the EarnUSD vault opens a major new user base and potential revenue stream for the protocol. By managing the complexities of strategy selection and execution, Lido aims to provide a more hands-off way for users to earn returns on their stablecoin holdings. > Stablecoins are a fundamental part of DeFi, and until now we weren’t serving those users. — Marin Tvrdić, Lido Ecosystem Foundation. The launch positions Lido to compete more broadly for capital within the DeFi ecosystem, diversifying its business model and strengthening its market leadership beyond a single asset class.
Lido DAO (LDO) current price is $0.331362, up 6.86% today.
Lido DAO (LDO) daily trading volume is $30.5M
Lido DAO (LDO) current market cap is $281.4M
Lido DAO (LDO) current circulating supply is 849.2M
Lido DAO (LDO) fully diluted market cap (FDV) is $331.3M