Coinbase has solidified its position as the leading node operator on the Ethereum network, as it now controls 11.42% of the total staked Ether (ETH), according to a recent performance report from the cryptocurrency exchange.
As of March 3, the report indicates that Coinbase had approximately 3.84 million ETH staked with its validators, equating to a value of around $6.8 billion.
Crypto analyst Anthony Sassano, host of The Daily Gwei, noted that while the staking platform Lido maintains a larger combined share of staked ETH, the distribution of Lido’s network spans multiple smaller node operators. This configuration positions Coinbase as the single largest individual operator within the network.
Coinbase Validators Reach Impressive Uptime
The exchange’s performance metrics also depict strong validator efficiency, with an average uptime of 99.75%, surpassing the company’s 99% goal.
Validator participation rates, a crucial indicator of network reliability, registered at 99.75%, exceeding the network average of 99.52%.
Furthermore, the block signing and submission rates through MEV relays reached an impressive 99.76%, outpacing the network average of 99.38%.
Coinbase attributes these positive outcomes to a system upgrade scheduled for 2024, which facilitates validator maintenance without requiring downtime.
We now know how much ETH Coinbase has staked (11.42% of the total stake)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)Kudos to Coinbase for the transparency! https://t.co/F3WEDdj0da
— sassal.eth/acc 
(@sassal0x) March 19, 2025
In spite of its status as a centralized exchange, Coinbase has made strides in expanding its geographical presence, operating validators in Japan, Singapore, Ireland, Germany, and Hong Kong, thus contributing to a more decentralized Ethereum network.
The report’s release coincided with a surge in ETH prices, with an uptick in accumulation addresses increasing their holdings.
On March 2, ETH reached a weekly peak of $2,060.73, reflecting a 12.3% increase over the week.
By March 19, the daily trading volume climbed to $17.4 billion, pushing ETH back above the $2,000 mark.
Nevertheless, market sentiment remains cautious.
On March 11, Yuga Labs’ vice president of blockchain speculated that ETH might dip to $200 in the event of a prolonged downturn in the market.
“A true bear market target, if we’re just getting started, would be ~$200-$400. That’s an 80% drawdown from here, 90% total drawdown — in line with past bear markets,” he remarked on X.
Coinbase Expands U.S. Workforce Amid Industry Changes
Earlier this month, Coinbase CEO Brian Armstrong announced plans to significantly expand hiring in the United States, attributing this growth to former President Donald Trump’s advocacy for cryptocurrencies.
Armstrong disclosed that the exchange aims to recruit around 1,000 new employees in the U.S. this year.
This hiring initiative would increase Coinbase’s workforce by approximately 27%, according to Stockanalysis data, which estimates the company currently employs 3,772 individuals.
Armstrong recently highlighted that discussions surrounding U.S. President Trump’s crypto agenda have taken center stage among major players in the crypto industry, financial markets, and the tech sector.
“Basically, every conversation I had with major market leaders was focused on what the Trump administration planned to do on crypto,” Armstrong noted.
He emphasized that Trump’s ambitious vision is motivating industry stakeholders to enhance their efforts, with many striving to remain competitive in a rapidly changing environment.
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