Lido Staked Ether (STETH) - Investment Analysis February 2026

STETH analysis – strong fundamentals meet legal uncertainty: • Dominant #9 crypto with $18.5B market cap and 28.5% of staked ETH • Generates ~$880M annual revenue with 3-4% APY for holders • Faces critical legal risk from DAO partnership liability ruling (2024-2025) • Institutional adoption growing with ETP launches (December 2025) • Competitive pressure increasing as market share fell from 80% to ~28.5%