The long list of crypto companies hitting the open market this year may have just added another name.
On Wednesday, Consensys, the creator of the crypto wallet MetaMask, selected Goldman Sachs and JPMorgan as underwriters for its upcoming public listing ambitions, Axios reported.
Consensys, which was last valued at $7 billion in 2022, would join stablecoin firm Circle, crypto exchange Gemini, and a slew of other crypto companies in entering the public markets this year.
“Consensys is constantly exploring opportunities to expand its impact,” a Consensys spokesperson told DL News. They neither denied nor affirmed the reports.
Neither investment bank immediately responded to a request for comment.
Consensys’ reported move to go public further highlights the wider financial industry’s embrace of digital assets.
US President Donald Trump has spent much of his 10 months in office opening the world’s largest economy to digital assets through pro-crypto executive orders, approving landmark stablecoin legislation, and appointing industry-friendly leaders to key agencies.
Meanwhile, various Wall Street titans, including BlackRock and Franklin Templeton, have piled into the market with tokenisation offerings and digital dollar products.
But given the extensive preparation needed for an initial public offering, during which the company pitches itself to various investment banks, how much longer can the rally really last?
“We’ve likely got 12 to 18 months before it tightens as regulatory clarity gives way to new compliance regimes,” Connor Howe, CEO of Enso.Build, told DL News.
Top IPO concerns
Howe estimates that Congress has until early next year to pass key market structure legislation before the mid-term elections put a hold on lawmaking.
“Consensys is smart to move now, while public markets still reward exposure to crypto infrastructure and speculation,” Howe said.
Bryan Trepanier, the founder and president of ODT.inc, suggests the opportunity for a crypto company to go public could last as long as two years. He also points to regulatory uncertainty in the US as a potential cooling factor.
But two other key factors are also at play: US monetary policy and continued investor interest in pure-play cryptocurrencies.
While the Federal Reserve cut rates on Thursday, the Fed chair Jerome Powell made it clear in his speech that a December cut isn’t a given.
“If capital markets tighten or there is a severe correction, underwriting appetite for crypto infrastructure could drop off,” Trepanier told DL News.
Likewise, if native tokens find utility beyond simple speculation, investors may turn back to cryptocurrencies rather than stocks.
“If next-gen protocols launch tokens with real utility in 2026 and 2027, the equity path could start to look outdated,” added Howe.
Liam Kelly is DL News’ Berlin-based DeFi correspondent. Have a tip? Get in touch at [email protected].
