Consensys Software Inc. announced plans on Wednesday to split into two independent companies. Under the restructuring, the consumer wallet platform Metamask will break away from Consensys, which will maintain its focus on protocols and institutional infrastructure.
Leadership and Strategic Focus
Consensys Executive Chairman Joe Lubin stated that the company spent over a decade building foundations for the Ethereum ecosystem, leading to the creation of Metamask as a widely used self-custodial wallet. Lubin will serve as chairman and CEO of the newly independent Metamask as it evolves into a broader financial management platform. He noted that taking on the role full-time demonstrates a commitment to consumer finance.
Following the split, the restructured Consensys will concentrate on protocols, leveraging its expertise in Ethereum, Hyperledger Besu, and Linea to assist institutions operating in onchain environments. Both entities will continue operating within the same ecosystem while addressing distinct markets.
Valuation, History, and IPO Speculation
Consensys reached a $7 billion valuation following a $450 million Series D funding round in March 2022. The firm has participated in multiple funding rounds with backing from key investors including Microsoft, Softbank Vision Fund 2, Temasek, ParaFi Capital, JPMorgan Chase, and Coinbase Ventures. The company has also experienced several rounds of layoffs since 2023, including the elimination of 47 positions in July 2025.
Market speculators suggest the spin-off strategy could pave the way for a U.S. initial public offering. Consensys previously engaged JPMorgan and Goldman Sachs to prepare for a public listing before postponing those plans, leading observers to anticipate a renewed IPO attempt as early as 2027.
