How Figment’s validators shape 5.2 million ETH institutional staking

Validator performance and reliability

Figment maintains a 5.8% share of all staked Ethereum through its validator infrastructure. During the first quarter of 2026, Figment validators recorded a 99.9% participation rate, which stays above the network average of 99.7%. These validators also earned a 2.92% average staking reward rate, while the network average reached 2.91%. Figment reported zero double-sign slashing events in that same period, while the Ethereum network experienced 33 slashing events, which proves the persistent risk of validator errors. The company operates a non-custodial model and follows a "Safety Over Liveness" philosophy. This strategy prioritizes capital protection and slashing avoidance over marginal uptime or short-term performance gains. Because Figment does not custody client assets or control customer funds, clients retain full control of their keys. Figment uses both Lighthouse and Prysm clients to reduce dependency on any single codebase. This multi-client approach reduces correlated risk for large-scale institutional participants. In Q1 2026, consensus layer rewards accounted for 93% of total validator rewards, while execution layer rewards made up the remaining 7%. Figment’s median consensus layer reward was 0.002003 ETH per validator per day, which is slightly above the network median of 0.002002 ETH. Validators proposing blocks received a median of 0.010827 ETH, which is 7% above the network median of 0.010017 ETH. The company provides MEV-boost integration with multiple OFAC-compliant relays. Figment’s infrastructure is designed to balance performance with consistency and reliability, minimizing risk exposure while maintaining validator performance.

The SEC regulatory landscape

The SEC 2026 Regulatory Agenda, released on July 7, 2026, introduces several proposals to modernize the custody framework for digital assets through amendments to the Investment Advisers Act of 1940 and the Investment Company Act of 1940. Chairman Paul Atkins states these actions aim to facilitate capital formation and reduce regulatory burdens. This regulatory shift follows a recent SEC determination that certain liquid staking activities do not constitute securities transactions. For you, this development provides a clearer path for institutional involvement in staking without immediate regulatory interference. The SEC also considers amendments to the Exchange Act rules governing the trading of crypto assets on national securities exchanges. The Commission also explores updates to the regulatory regime for transfer agents and broker-dealer recordkeeping rules like Rule 204-2. The SEC is also considering amendments to various Exchange Act Rules 15c3-1, 15c3-3, 17a-3 and 17a-4 to address the application of existing broker-dealer financial responsibility, recordkeeping and reporting requirements to crypto assets. The Commission also considers rules relating to the offer and sale of crypto assets, which may include exemptions and safe harbors. The proposed changes to the definition of "dealer" would likely be more limited than previous rules. The SEC also contemplates updating the rules for the regulatory status of "finders" to provide more explicit guidance. How will the SEC finalize the rules for the custody of digital assets?

Staking expansion and ETF growth

The integration between Coinbase Prime and Figment now extends to networks including Solana, Sui, Aptos, Avalanche, Cosmos, and Polkadot. This expanded access allows institutional clients to stake tokens without moving assets from Coinbase’s custody solution. The partnership enabled more than $2 billion in staked assets since its inception in early 2024. Figment manages over $18 billion in assets under stake across more than 40 protocols. This integration arrives as new spot Solana staking ETFs launch in the United States, including the Bitwise Solana Staking ETF (BSOL). Bitwise’s BSOL debuted on Tuesday, while Grayscale’s Solana Trust ETF is expected to launch on Wednesday. Grayscale also plans to introduce staking for its Ethereum and Solana products. Earlier this month, Grayscale staked $150 million worth of Ether (ETH) to enable investors to earn staking rewards. The expanded integration includes support for networks such as Solana, Sui, Aleo, Aptos, Avalanche, Axelar, Cardano, Celestia, Cosmos, EigenLayer, NEAR, and Polkadot. The Coinbase Prime platform allows institutions to manage staking, trading, and financing from a single interface, which helps streamline operations and meet security standards for digital asset enterprises. This partnership, which began in early 2024 to support Ethereum staking, most recently supported Grayscale in the launch of the first U.S. ETH ETP with staking.