Consensys Splits MetaMask From Institutional Business, Rebrands Ethereum Infrastructure Unit

Consensys Software Inc. said on September 9 that it will split into two independent companies by the end of 2026: MetaMask, which will keep the existing corporate entity and take over its self-custodial wallet and consumer finance business, and a newly formed Consensys, which will house Ethereum protocol development and institutional blockchain infrastructure, according to the company's announcement on Wednesday.

MetaMask will be led by Joe Lubin, the Ethereum co-founder who has run Consensys as chief executive since founding it in 2014, continuing as chairman and CEO of the consumer-facing company. Consensys said MetaMask has surpassed 100 million downloads across roughly 190 countries and processed trillions of dollars in cumulative transaction volume, and pointed to its recently launched Money Account product, which combines automated yield, instant spending and trading, as evidence the wallet is expanding beyond a trading tool into broader financial services. "The new MetaMask is a platform where people don't just hold their assets, but manage their money in its many diverse forms," Lubin said.

The new Consensys entity will be led by chief executive Mike Kriak and president David Cunningham, with Lubin staying on as executive chairman. It will oversee the Linea layer-2 network, the Besu and Teku Ethereum client software, and infrastructure and tokenization services sold to financial institutions. Consensys cited a Citi estimate that tokenized assets could reach $5.5 trillion to $8.2 trillion by 2030 as the market opportunity behind carving out a dedicated institutional business.

The announcement did not address whether either company plans to pursue an initial public offering, and a Consensys spokesperson did not respond to a query about IPO timing, according to CoinDesk. Consensys had reportedly been preparing a US listing before postponing those plans until at least this fall, citing weak market conditions.

The company last raised outside capital in a $450 million Series D round in March 2022 that valued it at $7 billion with backing from Microsoft, and has weathered rounds of layoffs since, including cuts in 2022 and 2024.

The split also lands after Consensys cleared two long-running legal fights with the Securities and Exchange Commission: a Texas court dismissed the company's pre-emptive suit against the regulator on procedural grounds in September 2024, and the SEC separately dropped its own case against Consensys over MetaMask's staking and token-swap services in February 2025, following the departure of then-chair Gary Gensler. MetaMask has also long been expected to launch a native MASK token tied to its Swaps and staking fee revenue, though the company has not set a date, and Wednesday's reorganization did not mention the token directly.