Consensys, the Ethereum infrastructure company 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 its planned initial public offering effort, according to Axios. The move puts 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 private, founder-controlled Web3 software company.
Ethereum’s Consensys is preparing for an IPO.
The reported bank order is the clearest sign yet that Consensys is positioned to test the U.S. stock market in a post-2024 regulatory environment, with the cryptocurrency company reopening its IPO window in 2025 after being virtually frozen for nearly two years. Axios reports that JPMorgan and Goldman Sachs have been appointed to run the offering. This is a role traditionally assigned to deals expected to attract the attention of large institutions. Although no timeline or target valuation has been officially disclosed, Axios reports that Consensys is working toward a listing as early as 2026.
Consensys did not confirm an imminent S-1 filing but did acknowledge that it is actively evaluating capital market options. “Consensys continues to seek opportunities to expand its impact,” the company told Decrypt when asked about the IPO report. “We continue to evaluate strategic options for growth, but we have nothing to announce at this time.”
The Consensys IPO is structurally different from the wave of cryptocurrency listings that defined the last cycle. Rather than being a centralized exchange, miner, or pure transaction proxy, Consensys is an infrastructure and tools company embedded in Ethereum’s execution layer. The company develops MetaMask, a self-managed wallet that has served as the primary retail access point to Ethereum and EVM-compatible networks for years, and Infura, a backend service used by hundreds of thousands of developers to route blockchain queries and broadcast transactions without running their own nodes.
MetaMask has repeatedly described Consensys as having tens of millions of monthly active users, while Infura processes billions of requests per day for applications that rely on a reliable RPC infrastructure. This combination gives Consensys direct exposure to core on-chain activity rather than speculative token price action, which will likely be a central part of its pitch to public market funds seeking returns tied to Ethereum’s usage rather than simply volatility.
Regulatory posture is an important part of the story. In February 2025, the U.S. Securities and Exchange Commission notified Consensys that it would dismiss its lawsuit over MetaMask’s staking feature, withdrawing claims that the company acted as an unregistered broker. The agency’s reversal effectively removes a significant overhang for one of Consensys’ most commercially sensitive products, and comes against the backdrop of a further relaxed cryptocurrency enforcement stance 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 approximately $7 billion.
The timing of the IPO push reported by Consensys also coincides with a broader re-entry of cryptocurrency names into U.S. public markets in 2025. Stablecoin issuer Circle went public in June at a single-digit billion-dollar valuation, while exchange operator Bullish listed on the New York Stock Exchange in August.
At press time, ETH was trading at $3,907.
Featured image created with DALL.E, chart from TradingView.com
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