While crypto fans holding staked Ethereum eagerly await the network’s next update, crypto exchange Coinbase could also have a lot to look forward to, according to analysts at JP Morgan.

The next upgrade to Ethereum’s network, dubbed the Shanghai Fork, is slated for March and will let people access funds previously devoted to Ethereum’s Beacon Chain, which allows depositors to participate in validating transactions and earn rewards in the form of newly-created Ethereum.

Staking Ethereum could become a significant windfall for Coinbase if its users are automatically enrolled like they are with tokens such as Cardano and Solana, JP Morgan analysts wrote in a recent research report.

“Staking in Ethereum forced holders to lock up their Ether indefinitely, which we have viewed as a big dis-incentive to stake ETH historically,” it stated. “We think the Shanghai Fork could usher in a new era of staking for Coinbase.”

The investment bank estimates that 95% of retail investors on Coinbase could participate in staking Ethereum after the Shanghai Fork, which could yield the exchange between $225 million and $545 million in revenue per year.

Currently, Coinbase users are required to opt-in to staking their Ethereum because there’s no way for them to access the deposits or ETH with which they’ve been rewarded–something the Shanghai Fork will address. JP Morgan estimates that the exchange already earns around $50 million annually through Ethereum staking.

The additional…