Consensys, the Ethereum software company behind MetaMask, is preparing to enter public markets with help from two of Wall Street’s biggest investment banks.
Consensys has chosen JPMorgan and Goldman Sachs to lead its planned IPO.
The Ethereum-focused firm could list as early as late 2025.
MetaMask’s new features and upcoming MASK token may strengthen investor interest.
Ethereum Developer Prepares for Public Markets
Consensys, founded in 2014 by Ethereum co-founder Joseph Lubin, builds infrastructure and tools that power a large portion of the Ethereum (ETH) ecosystem. Its offerings include Infura, a key service for developers running Ethereum nodes, and Linea (LINEA), a layer-2 network designed to facilitate faster and cheaper transactions. In addition to infrastructure, it has backed SharpLink, a treasury management platform that has allocated more than $200 million into on-chain yield strategies.
Consensys last raised $450 million in a Series D round in 2022, reaching a valuation of $7 billion. That round brought in major investors such as SoftBank, BlackRock, JPMorgan, and Mastercard.
According to Axios, the IPO will be led by Goldman Sachs and JPMorgan, which will handle underwriting, pricing, and investor outreach. While the company has not disclosed details on timing or valuation, a listing could take place in late 2025 or early 2026.
MetaMask Expansion Builds Momentum
MetaMask, Consensys’ most well-known product, has been expanding its offerings in recent months. In September, Lubin confirmed that MetaMask would launch its MASK native token. Soon after, the wallet introduced perpetual futures trading, a rewards program, and announced plans for a prediction market integration with Polymarket.
These updates follow the company’s legal win in February 2025, when the U.S. Securities and Exchange Commission dropped a lawsuit concerning MetaMask’s staking services, removing one of the key barriers to going public.
Consensys’ IPO comes after other major crypto listings this year, including Circle, the issuer of USDC, and Bullish, both of which debuted successfully on U.S. exchanges. The company is expected to benefit from a more crypto-friendly environment under President Trump’s administration, which has made it easier for digital asset firms to access traditional capital markets.