On Wednesday, Consensys Software Inc. announced plans to split into two independent companies, with consumer wallet platform Metamask breaking away from Consensys, which will remain focused on protocols and institutional infrastructure.
Key Takeaways
- Metamask will break from Consensys, with Joe Lubin taking the helm in 2026.
- Consensys $7 billion valuation puts serious weight behind the two-company split.
- Speculators think Consensys could revisit a U.S. IPO as early as 2027 after shelving earlier plans.
Metamask Breaks Away as Lubin Takes the Helm
Consensys Executive Chairman Joe Lubin said the company spent more than a decade helping build the foundations of the Ethereum ecosystem, from the protocol itself to infrastructure supporting self-custodial finance. He noted in the press release that Metamask emerged from those efforts to become one of “the worlds most widely used self-custodial wallets.”
Metamask is now evolving into a broader platform where users can manage their money “in its many diverse forms and aspects,” the Consensys executive remarked, and he will serve as chairman and CEO. Lubin also wrote that taking on the role full-time reflects his belief that consumer finance deserves “the same focus and ambition” Consensys brought to building Ethereum.
Metamask X post on Sept. 9.
Lubin explained that the new Consensys will remain focused on protocols, with its Ethereum, Hyperledger Besu, and Linea expertise moving “up the stack” to help institutions operate in an increasingly “always-on, onchain world.” He added that both companies will continue building within the same ecosystem, but with a sharper focus on their respective markets.
Consensys Restructuring Revives Speculation Over a 2027 IPO
Consensys Software Inc. was valued at $7 billion following its $450 million Series D funding round in March 2022. To date, the company has participated in 6 to 8 funding rounds, depending on how specific secondary and strategic investments are classified across financial databases. Key investors include Microsoft, Softbank Vision Fund 2, Temasek, ParaFi Capital, JPMorgan Chase, and Coinbase Ventures.
Consensys has witnessed several rounds of layoffs since 2023, and in July 2025, the firm eliminated another 47 positions. Speculators assume that the spin-off plan will pave the way for an initial public offering on the U.S. stock market. Consensys had reportedly hired JPMorgan and Goldman Sachs to prepare for a potential public listing for an undisclosed date. Then, Lubin and company postponed IPO plans, and with the latest move, it is expected that Consensys may try again as early as 2027.
“The company will build on more than a decade of enterprise blockchain work, including foundational contributions to the Ethereum protocol,” the Consensys press announcement concluded.