Coinbase Had 120k Validator Nodes and Controlled 11.4% of the ETH Staking Market

In February, Coinbase had 120k validator nodes and controlled 11.4% of the total Ethereum [ETH] staking market. According to a transparency report issued by the exchange, it had 3.84M ETH staked in its validators.

Coinbase had 120,000 validator nodes and controlled 11.4% of the total Ethereum [ETH] staking market in February, according to the exchange's transparency report. The report, which covered Coinbase's operations in Japan, Ireland, Singapore, Germany and Hong Kong, had 3.84M ETH staked in its validators.

The validator nodes were located in Japan, Ireland, Singapore, Germany and Hong Kong. Additionally, Coinbase relied on two execution clients and cloud providers to ensure reliability.

Ethereum staking on an expansion spree

Reacting to the report, Ethereum educator Sassal acknowledged that the 11.4% market share made Coinbase the largest validator node operator.

"This, of course, makes Coinbase the single largest node operator on the network (Lido is bigger as a collective, but each node operator has a much smaller % share)."

The report comes after key industry players urged Coinbase to share its Ethereum staking operations, as most data were based on estimates. In fact, Dune Analytics estimated Coinbase's market share at 8% with 2.7M ETH staked.

According to the report, Coinbase's validator nodes had a uptime of 99.999%. The exchange also disclosed that it paid out over $360M in staking rewards to customers.

In terms of staked ETH, Lido seemed to maintain its lead with a whopping 9.3M staked ETH. Overall, 34.1M ETH has been staked or 27.7% of the total supply. After a slump in January 2025 that was marked by outflows, ETH staking rebounded from February.

Over the past two weeks, 54k ETH flowed into the staking system and reinforced confidence in the altcoin. This, despite a massive drawdown on the price charts.

According to Staking Rewards, ETH stakers are entitled to a 3% annualized reward, offering an extra yield for long-term investors.

However, despite the record interest in ETH staking, the altcoin's price has lagged others on the price charts. It was valued at just over $2k, at the time of writing, down 54% from its recent highs.

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