The growing dominance of Coinbase as the largest node operator on the Ethereum network is raising concerns about network centralization, especially with the increasing institutional adoption. According to industry executives, this situation highlights a systemic issue in Ethereum's staking architecture, where a few major players control a significant portion of network security. Coinbase currently controls over 11% of staked Ether, with 3.84 million ETH staked to 120,000 validators as of March 4. While Liquid staking protocol Lido controls a larger share of staked Ether overall, it is distributed across multiple independent node operators, reducing centralization risks. To mitigate risks, Coinbase spreads its staking operations across multiple countries and employs various cloud providers, Ethereum clients, and relays. The emergence of Ethereum ETFs and the participation of US banks as validators could further exacerbate centralization risks on the network, potentially impacting censorship resistance and network resilience. Robinhood is seen as a potential challenger to Coinbase's staking dominance due to its existing crypto infrastructure and technical capabilities.