P2P.org
Provides institutional crypto staking infrastructure across many blockchains.
On the record
Checkpoint: SEC expected to rule on Fidelity, Franklin, and VanEck Ethereum staking ETF amendments
The call
P2P.org sits as a mid-sized player in a consolidating staking market, competing against exchange-run and ETF-integrated rivals for institutional flow.
P2P.org helps large investors stake cryptocurrency and earn rewards by running the technical infrastructure behind the scenes. The business is real, makes money, and works with companies like Lombard and The Vault, but it competes in a crowded field where Coinbase, Binance, BlackRock, and other players offer similar services without clear differences between them. The biggest risk is that large crypto exchanges and investment firms like Coinbase and BlackRock are building their own staking services, and recent deals like Bitwise buying Chorus One suggest smaller independent companies in this space will either get bought out cheaply or squeezed on profits. The one thing that could turn this around is if P2P.org becomes the main staking partner for a major new crypto investment fund or ETF, which would lock in stable customers and prove the company is essential rather than replaceable.
Why
01
AI pressure: None apparent. No AI lab targets staking infrastructure directly, though AI-run treasury bots could someday pick validators without human staking firms. Could AI do the core job? Unlikely.
02
Bigger players: Coinbase Cloud, Binance, and BlackRock's ETHB staking integration. Coinbase, Binance, and BlackRock now run staking in-house, pulling institutional flow away from independents like P2P.org. Could a giant copy it? Yes, easily.
03
What protects it. Multi-chain validator uptime record, SOC 2 Type II certification, and integrations like Lombard and SSV keep some institutional clients loyal.
What would change this call
P2P.org announces a named anchor ETF issuer (BlackRock, Fidelity, VanEck) as validator of record. Would show P2P.org secured locked-in institutional distribution rather than losing it to rivals.
P2P.org closes a priced Series B at an up-round by end of 2026. Would show investor confidence keeping pace with claimed AUM growth.
Kiln or Bitwise-Chorus One announces an anchor ETF staking mandate instead. Would show a named rival capturing the institutional business P2P.org is chasing.
P2P.org closes a priced Series B at an up-round by end of 2026. Would show investor confidence keeping pace with claimed AUM growth.
Kiln or Bitwise-Chorus One announces an anchor ETF staking mandate instead. Would show a named rival capturing the institutional business P2P.org is chasing.
Key numbers
- $10-12B+ assets under management
- #1 Ethereum validator by APR, 51 of 52 weeks
- SOC 2 Type II certified
Named risks
- Sector consolidation (Bitwise-Chorus One) could pressure independent players toward acquisition or fee-cutting.
- DeFi TVL fell 37.3% YTD to $71.77B by June 2026, threatening staking AUM and fee revenue.
- Vertical integration by BlackRock, Coinbase, Binance could bypass third-party staking providers entirely.
- Unproven leadership transition following January 2026 Co-CEO restructuring and new CFO hire.
- No Series B or later funding round disclosed since 2023 Series A, raising capital-runway questions.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| BlackRock (ETHB ETF) | losing to | BlackRock vertically integrates staking into its ETHB ETF, launched 2026, bypassing third-party providers |
| Chorus One / Bitwise | contesting | Chorus One acquired by Bitwise into Bitwise Onchain Solutions, signaling sector consolidation pressure |
| Kiln | contesting | Kiln reported $13B+ secured by April 2025 with clients like VanEck and BitGo, versus P2P.org's $5B+ same period |
| Coinbase (Coinbase Cloud) | losing to | Coinbase runs institutional staking at scale in-house, competing directly for the same client base |
| Figment | contesting | Direct peer in non-custodial institutional staking infrastructure since 2018, comparable scale |
Questions people ask
- Is P2P.org profitable in 2026?
- No confirmed profit or revenue figures have been disclosed by P2P.org. Third-party estimates (Datanyze ~$21.1M, Growjo ~$32.9M) are unverified. The company reports AUM of $10-12B+ as of February 2026, but has not published audited financials or profitability data.
- Who owns P2P.org?
- P2P.org is privately held and VC-backed, with a $10M seed round around March 2021 and a $23M Series A in April 2023 led by Jump Crypto, Bybit, and Sygnum. Founder Konstantin Lomashuk returned as CEO in January 2026. No public valuation or later funding round has been disclosed.
- Could AI replace P2P.org's staking business?
- Core operations like cryptographic key management, validator hardware, slashing-free track records, and SOC 2 Type II compliance (certified December 2025) are not AI-replaceable. AI is mainly visible in P2P.org's own content marketing and blog output, not in its core validator infrastructure product.
- Is P2P.org losing ground to Coinbase or BlackRock?
- P2P.org faces pressure as BlackRock's ETHB staking-integrated ETF (2026) and Coinbase Cloud vertically integrate staking in-house, while sector consolidation like Bitwise's acquisition of Chorus One squeezes independent staking providers toward commodity margins.
- How big is P2P.org compared to Kiln?
- As of April 2025, Kiln reported over $13B secured with clients including VanEck, BitGo, and Fireblocks, while P2P.org reported over $5B AUM across 100k+ clients. By February 2026, P2P.org claimed $10-12B+ AUM, narrowing but not closing the gap.
- What is P2P.org's biggest competitive threat?
- Chorus One's acquisition by Bitwise into Bitwise Onchain Solutions signals sector consolidation squeezing independent players like P2P.org, while asset managers like BlackRock vertically integrate staking directly into ETFs, bypassing third-party providers entirely.
Timeline
- 2026-04-17New CFO Betsabe Botaitis, ex-Citigroup and LendingClub, profiled by Fortune
- 2026-03-17SEC/CFTC joint interpretation classifies 16 assets as digital commodities
- 2026-02-06AI-generated market analysis cites P2P.org AUM at $10-12B+
- 2026-01-20Founder Konstantin Lomashuk returns as CEO, Konstantin Zaitcev named Co-CEO
- 2025-12P2P.org achieves SOC 2 Type II certification audited by KirkpatrickPrice
- 2025-07-25P2P.org reports 1.2M ETH staked (~$4B), opens first U.S. office
- 2025-04-08P2P.org partners with Lombard for Bitcoin staking via Babylon
- 2023-04-20P2P.org raises $23M Series A led by Jump Crypto, Bybit, Sygnum
- 2021-03P2P.org closes $10M seed round
- 2018P2P.org founded
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Ethereum Staking Provider P2P.org Raises $23M Series A (2023-04-20)
- Konstantin Lomashuk Introduction and Work History
- Staking infrastructure firm P2P.org raises $23 million shortly after upgrade to Ethereum (2023-04-20)
- Lombard Partners with Institutional Staking Providers (2025-04-08)
- A Flow-Driven Analysis of Institutional Staking's Next Phase (2026-02-06)
- Amid Ethereum Bull Run, P2P.org Announces User Growth and Staking Milestones (2025-07-25)
- Insights, Guides, and News
- Founder Leadership: Konstantin Lomashuk Returns as CEO (2026-01-20)
- Meet the crypto guru to the Fortune 500 (2026-04-17)
- Management and Employees List
- Revenue, Competitors, Alternatives (2022-04-16)
- Validator Infrastructure for Institutions (2026-05-11)