Consensys Splits MetaMask and Ethereum Infrastructure Businesses

Consensys Software Inc. is splitting into two independent companies, separating its rapidly growing MetaMask consumer business from the company's Ethereum protocol and institutional infrastructure operations.

Announced on September 9, 2026, the restructuring will see the existing corporate entity become MetaMask, while a newly structured company retaining the Consensys name will control the institutional and protocol-focused businesses.

Both organizations will operate with separate leadership teams, balance sheets and strategies, with the separation expected to be completed by the end of 2026.

Consensys co-founder Joe Lubin will become chairman and CEO of MetaMask, overseeing the wallet and its expanding range of consumer financial products.

The new Consensys will be led by Mike Kriak as CEO and David Cunningham as president, while Lubin will remain involved as executive chairman.

MetaMask Evolves Beyond a Crypto Wallet

Lubin said the decision reflects the increasingly different trajectories of the company's consumer and institutional operations, with MetaMask's value growing faster than other parts of the business.

MetaMask has recorded more than 100 million downloads across roughly 190 countries and processed trillions of dollars in cumulative transaction volume.

The wallet is now becoming the foundation of what Lubin describes as an “Open Money” platform, designed to let users hold, spend, save and grow money through both crypto and traditional financial assets.

One example is Money Account, launched in June. The product allows users to earn up to 4% APY on the mUSD stablecoin while retaining the ability to spend the same balance through MetaMask.

MetaMask has also expanded through its Mastercard-supported MetaMask Card, alongside access to products such as perpetual futures and prediction markets.

New Consensys Targets Institutional Tokenization

While MetaMask focuses on consumers, the new Consensys will concentrate on Ethereum infrastructure and institutional blockchain adoption.

The company will control products including the Linea network and the Besu and Teku Ethereum clients, positioning itself around banks, asset managers and other large financial institutions adopting blockchain technology.

Consensys argues that financial companies are moving beyond experimental blockchain projects toward production deployments involving tokenization, stablecoins and blockchain-based settlement.

Institutions including Citi, DTC and BNY Mellon reportedly already use its Besu infrastructure.

Lubin also referenced Citi's June “Tokenization 2030” report, which projected that the market for tokenized assets could reach between $5.5 trillion and $8.2 trillion by 2030.

Restructuring Comes Ahead of Potential IPO

The split represents another major transformation for a company that began more than a decade ago as a Brooklyn-based Ethereum incubator before relocating to Texas in 2023.

Consensys had previously explored an initial public offering but postponed those plans earlier this year as cryptocurrency markets weakened and Bitcoin dropped below $80,000.

The company's most recent publicly reported valuation came after a $450 million Series D funding round in 2022, which valued Consensys at approximately $7 billion.

The restructuring could now give MetaMask and Consensys greater flexibility to pursue their own financing and growth strategies.

MetaMask IPO and Token Questions Remain

Despite the separation, several important questions remain unanswered.

Lubin did not provide a new timetable for the previously discussed Consensys IPO, although reports suggest the newly independent MetaMask business could potentially pursue a public listing as early as the first quarter of 2027.

There is also continuing speculation surrounding a potential MetaMask token, an idea that has circulated within the crypto industry for years.

Lubin did not confirm plans for such a launch, instead pointing to a changing business and regulatory environment that has made companies more cautious about issuing their own cryptocurrencies.

For now, the restructuring gives both businesses clearer identities. MetaMask will focus on becoming a broader consumer financial platform, while Consensys will concentrate on Ethereum protocols and institutional blockchain infrastructure.

With the separation expected to be finalized before the end of the year, one of Ethereum's most recognizable companies is effectively becoming two independent businesses targeting opposite ends of the crypto market.