Consensys, the Ethereum infrastructure company best known for creating the MetaMask wallet and the Infura developer toolkit, has quietly taken the next formal step toward its IPO, selecting JPMorgan and Goldman Sachs to lead work on a planned initial public offering, according to Axios. The move sets one of the most systemically important companies in the Ethereum ecosystem on a path toward increased public market scrutiny and access to capital after nearly a decade operating as a private Web3 software company controlled by its founder.
Ethereum Consensys Prepares for IPO
The reported bank mandate is the clearest signal yet that Consensys is positioning itself to test U.S. stock markets in the post-2024 regulatory environment, and comes as crypto companies have reopened the 2025 IPO window after two years of near-total freeze. Axios reported that JPMorgan and Goldman Sachs had been tapped to manage the offering, a role traditionally reserved for deals expected to attract large-scale institutional interest. Although neither the timeline nor the targeted valuation have been officially disclosed, Axios reported that Consensys is working toward a listing as early as 2026.
Consensys did not confirm an imminent S-1 filing, but acknowledged that it was actively evaluating options in the capital markets. “Consensys is constantly exploring opportunities to expand its impact,” the company told Decrypt when asked about the IPO report. “While we are continually evaluating strategic options for growth, we have nothing to announce at this time.”
A Consensys IPO would be structurally different from the flurry of crypto listings that defined the last cycle. Rather than a centralized exchange, miner, or outright trading proxy, Consensys is an infrastructure and tools company integrated into the execution layer of Ethereum. The company develops MetaMask, the self-custodial wallet that has operated for years as the default retail access point to Ethereum and EVM-enabled networks, and Infura, the backend service used by hundreds of thousands of developers to route blockchain requests and broadcast transactions without running their own nodes.
MetaMask has been repeatedly described by Consensys as having tens of millions of monthly active users, and Infura processes billions of requests per day for applications that rely on reliable RPC infrastructure. This combination gives Consensys direct exposure to core on-chain activity rather than speculative token price action, which is likely to be a central part of the pitch to public market funds that want revenue to be tied to the use of Ethereum rather than just its volatility.
Regulatory posture is a critical part of this story. In February 2025, the United States Securities and Exchange Commission informed Consensys that it would decide whether to dismiss its lawsuit regarding MetaMask’s staking features, backtracking on allegations that the company had acted as an unregistered broker-dealer. The agency’s reversal effectively eliminated a significant overhang on one of Consensys’ most commercially sensitive products, and it did so against the backdrop of a broader softening of the tone on crypto enforcement under the Trump administration.
Consensys last raised external capital in March 2022, when it closed a $450 million Series D led by ParaFi Capital with participation from Temasek, SoftBank’s Vision Fund 2, Microsoft and others, valuing the company at around $7 billion post-money.
The timing of Consensys’ announced IPO also aligns with a broader reentry of crypto names into U.S. public markets in 2025. Stablecoin issuer Circle listed in June with a valuation in the low single-digit billions, while exchange operator Bullish won a listing on the New York Stock Exchange in August.
At press time, ETH was trading at $3,907.
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