For a while, ETHFI has been a strange token to own.
The business underneath kept getting better. Card revenue rose from 4% of total revenue to 65% in twelve months. Acquisition cost fell from $150 per user to $67. Revenue per user rose from $250 to $310 a year, with a seven-month payback. Every neobank chases that flywheel, and Etherfi had it turning while the token sat near lows.
Part of the reason was the staking overhang. Stake and Liquid revenue fell two-thirds from their Q3 ’25 peak because ETH fell 65%, and the market priced the shrinking line while the Cash business grew underneath it. The second problem was structural: ETHFI was a governance token with no defined economic claim on the business. The pipe from revenue to token was unclear, so anyone holding the token was buying a promise.
Earlier this month, it changed- Etherfi confirmed programmatic buybacks, pending a DAO vote. Every revenue stream will fund the buyback.
The math
The composition per the analyst call: interchange, swaps, staking. Borrow and perps
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