Consensys Moves Forward with IPO Plans: A New Era for Ethereum

cryptocurrency Consensys, the leading Ethereum infrastructure firm recognized for its creation of the MetaMask wallet and the Infura developer toolkit, has discreetly advanced toward a public offering. According to a report from Axios, the company has enlisted JPMorgan and Goldman Sachs to spearhead its upcoming initial public offering (IPO). This significant step marks the trajectory of one of the most crucial entities within the Ethereum ecosystem as it prepares to face public market examination and gain access to capital after nearly ten years of functioning as a privately held, founder-led Web3 software enterprise.

The recent mandate from major banks is the most definitive indication yet that Consensys is gearing up to explore the US equity markets in the evolving regulatory landscape post-2024. This initiative comes at a time when cryptocurrency firms are poised to re-enter the IPO arena in 2025 after experiencing a two-year period of near dormancy. Axios has reported that JPMorgan and Goldman Sachs have been chosen to orchestrate the offering, a role typically assigned to high-profile deals that are anticipated to attract substantial institutional interest. Although specific timelines and targeted valuations remain undisclosed, Axios suggests that Consensys is aiming for a listing as early as 2026.

While Consensys has not confirmed an impending S-1 filing, the company acknowledged its active assessment of capital market strategies. "Consensys is continuously exploring opportunities to enhance its impact," a representative stated to Decrypt in response to inquiries regarding the IPO. "As we evaluate strategic options for growth, we currently have no announcements to make."

Consensys Moves Forward with IPO Plans: A New Era for Ethereum Should Consensys proceed with its IPO, it would differentiate itself from the surge of cryptocurrency listings that characterized the previous market cycle. Unlike centralized exchanges, miners, or dedicated trading proxies, Consensys operates as an infrastructure and tooling firm intricately woven into Ethereum's operational framework. The company develops MetaMask, a self-custody wallet that has served as a primary gateway for retail users to access Ethereum and EVM-compatible networks, alongside Infura, the backend service utilized by countless developers to manage blockchain queries and facilitate transaction broadcasting without the need to operate their own nodes.

Consensys has highlighted that MetaMask boasts tens of millions of monthly active users, while Infura handles billions of requests daily for applications reliant on dependable RPC infrastructure. This unique positioning grants Consensys a direct link to essential on-chain activities, as opposed to merely speculative token price fluctuations. This aspect is likely to be a focal point in discussions with public market investors seeking revenues tied to Ethereum's practical use rather than its price volatility.

The regulatory landscape is a crucial element in this narrative. In February 2025, the US Securities and Exchange Commission (SEC) notified Consensys of its intent to dismiss its lawsuit regarding MetaMask’s staking features, retracting previous claims that Consensys had operated as an unregistered broker. This decision effectively lifted a significant concern regarding one of Consensys’ most commercially sensitive products, coinciding with a broader shift towards a more lenient approach to crypto enforcement under the Trump administration.

Consensys last secured external funding in March 2022, concluding a $450 million Series D investment led by ParaFi Capital, with participation from notable investors including Temasek, SoftBank’s Vision Fund 2, and Microsoft, which valued the firm at approximately $7 billion post-money.

The timing of Consensys’ reported IPO ambitions appears to align with the wider resurgence of cryptocurrency brands entering the US public markets in 2025. For instance, stablecoin issuer Circle successfully listed in June.