Consensys, the Ethereum infrastructure firm best known for building the MetaMask wallet and the Infura developer toolkit, has quietly taken the next formal step toward going public, selecting JPMorgan and Goldman Sachs to lead work on a planned initial public offering, according to Axios. The move places one of the most systemically important companies in the Ethereum ecosystem on a path toward public market scrutiny and capital access after nearly a decade of operating as a privately held, founder-controlled Web3 software company.
Ethereum’s Consensys Gears Up For IPO
The reported bank mandate is the clearest signal so far that Consensys is positioning itself to test US equity markets in the post-2024 regulatory environment, and comes as crypto companies have re-opened the IPO window in 2025 after two years of near-total freeze. Axios reported that JPMorgan and Goldman Sachs have been tapped to run the offering, a role traditionally reserved for deals that are expected to command institutional interest at scale. While neither timeline nor targeted valuation has been formally disclosed, Axios indicated that Consensys is working toward a listing as early as 2026.
Consensys did not confirm an imminent S-1 filing but acknowledged that it is actively evaluating capital markets options. “Consensys is constantly exploring opportunities to expand its impact,” the company told Decrypt when asked about the IPO report. “While we continuously evaluate strategic options for growth, we have nothing to announce at this time.”
A Consensys IPO would be structurally different from the wave of crypto listings that defined the last cycle. Rather than a centralized exchange, a miner, or a pure-play trading proxy, Consensys is an infrastructure and tooling company embedded in Ethereum’s execution layer. The firm develops MetaMask, the self-custody wallet that has, for years, functioned as a default retail access point to Ethereum and EVM-compatible networks, and Infura, the backend service used by hundreds of thousands of developers to route blockchain queries 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. That 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 tied to Ethereum’s usage rather than just its volatility.
Regulatory posture is a critical part of that story. In February 2025, the US Securities and Exchange Commission informed Consensys that it would move to dismiss its lawsuit over MetaMask’s staking features, walking back allegations that the company had acted as an unregistered broker. The agency’s reversal effectively removed a material overhang on one of Consensys’ most commercially sensitive products, and it did so against the backdrop of a broader softening in crypto enforcement tone 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 roughly $7 billion post-money.
The timing of Consensys’ reported IPO push also lines up with a broader re-entry of crypto names into US public markets in 2025. Stablecoin issuer Circle listed in June at a valuation in the high single-digit billions, while exchange operator Bullish won a New York Stock Exchange listing in August.
At press time, ETH traded at $3,907.
Featured image created with DALL.E, chart from TradingView.com
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