Coinbase, a prominent player in the cryptocurrency market, made significant strides in the Ethereum staking arena in February. With 120k validator nodes under its belt, the exchange managed to secure a substantial 11.4% of the total Ethereum staking market. This achievement was highlighted in a transparency report released by Coinbase, showcasing 3.84M ETH staked in its validators.
The geographic distribution of Coinbase’s validator nodes spanned across Japan, Ireland, Singapore, Germany, and Hong Kong, showcasing a global presence. To ensure operational reliability, Coinbase leveraged two execution clients and cloud providers, bolstering its position as a key player in the Ethereum staking ecosystem.
Reacting to the report, Ethereum educator Sassal acknowledged Coinbase’s dominance in the space, noting that the exchange emerged as the largest validator node operator with its 11.4% market share. This revelation shed light on Coinbase’s significant contribution to the Ethereum staking network, solidifying its position in the market.
The report came as a response to industry demands for greater transparency regarding Coinbase’s Ethereum staking operations, as previous data was largely based on estimates. In fact, Dune Analytics estimated Coinbase’s market share at 8% with 2.7M ETH staked, further underscoring the exchange’s substantial presence in the staking landscape.
Despite Coinbase’s impressive performance, Lido maintained its lead with a staggering 9.3M staked ETH, showcasing the continued growth of Ethereum staking. Overall, 34.1M ETH has been staked, representing 27.7% of the total supply. Following a slump in January 2025, ETH staking rebounded in February, with 54k ETH flowing into the staking system, instilling confidence in the altcoin despite price fluctuations.
ETH stakers stand to gain a 3% annualized reward, offering an additional yield for long-term investors. However, despite the burgeoning interest in ETH staking, the altcoin’s price has lagged behind others on the market, currently valued at just over $2k, down 54% from recent highs.
In conclusion, Coinbase’s significant market share in Ethereum staking, coupled with the overall growth of the ecosystem, highlights the increasing popularity and utility of staking in the cryptocurrency space. As the industry continues to evolve, stakeholders can expect further innovation and opportunities in the staking landscape.