The company behind one of the world’s most widely used crypto wallets is preparing to step into public markets.
Consensys, creator of MetaMask, is quietly working toward an initial public offering, marking a major shift from Ethereum’s developer roots to Wall Street’s trading floors.
Sources cited by Axios say the blockchain firm has enlisted JPMorgan Chase and Goldman Sachs to coordinate its listing — a move that puts two of traditional finance’s biggest players at the center of Ethereum’s software empire. While details remain under wraps, the decision signals how far crypto infrastructure companies have come since the market’s volatile early years.
Crypto Companies Find a Friendlier Wall Street
A few years ago, the idea of a major crypto firm going public in the United States seemed unlikely. But with the Trump administration reshaping the country’s policy stance, the environment for digital-asset businesses has shifted dramatically. Capital that once flowed offshore is now returning to U.S. markets, and investors are once again showing interest in blockchain firms with proven revenue models.
In recent months, Circle, the issuer of the USDC stablecoin, and Bullish, a digital-asset exchange, both went public to strong demand. Circle’s IPO, in particular, was hailed as a turning point — proving that regulated crypto companies could thrive in public markets. Consensys, now preparing its own offering, appears ready to ride that same momentum.
MetaMask’s Expansion Adds Fuel to the IPO Narrative
Consensys’s timing is hardly coincidental. Over the past quarter, MetaMask has transformed from a simple wallet into a full-fledged Web3 platform. The company recently confirmed it is developing a MASK token, long speculated within the crypto community, as part of a broader push to expand user engagement and incentivize on-chain activity.
Beyond that, MetaMask has unveiled plans to introduce perpetual futures trading, a loyalty rewards system, and a partnership with Polymarket to launch prediction markets. Together, these additions move MetaMask beyond storage and into the frontier of decentralized trading and financial experimentation.
From Ethereum Roots to Financial Mainstream
Founded by Ethereum co-founder Joseph Lubin in 2014, Consensys was born as an experiment in building developer tools for a new blockchain network. A decade later, it has become one of the backbone companies of the Ethereum ecosystem.
Its portfolio extends far beyond MetaMask. Consensys also runs Infura, the node service that powers countless decentralized applications; Linea, an Ethereum layer-2 scaling network; and supports ventures like SharpLink, an ETH treasury management firm. Each business line reflects a key piece of the modern Ethereum infrastructure stack.
If the IPO proceeds, Consensys would become one of the first major Ethereum-native companies to trade on U.S. exchanges — a milestone that would symbolize the network’s transition from open-source experiment to a pillar of digital finance.
A Broader Signal for the Crypto Economy
For investors, the listing would be about more than just one company. It would highlight how the blockchain sector, once seen as speculative and volatile, is maturing into a legitimate corner of the financial system.
With JPMorgan and Goldman Sachs at the helm, Consensys’s debut could help bridge the gap between decentralized technology and institutional capital. Analysts expect the offering to test investor appetite for crypto infrastructure firms — the ones that provide the underlying tools rather than tokens themselves.
As one market analyst put it, “This is the next phase for crypto. We’re not just trading coins anymore — we’re watching the builders go public.”
