Consensys, the Ethereum infrastructure company best known for building the MetaMask wallet and Infura developer toolkit, has quietly taken the next formal step toward going public, selecting JPMorgan and Goldman Sachs to lead work on its planned initial public offering, according to Axios. The move puts one of the most systemically important companies in the Ethereum ecosystem on the path to public market oversight and access to capital after nearly a decade of operating as a private, founder-led Web3 software company.
Ethereum’s ConsenSys prepares for IPO
The reported bank order is the clearest signal yet that ConsenSys is willing to test the U.S. stock market in a post-2024 regulatory environment, and comes as crypto companies reopen the IPO window in 2025 after a near-total freeze for two years. Axios reported that JPMorgan and Goldman Sachs were appointed to manage the offering, a role traditionally reserved for deals expected to generate significant institutional interest. Although the timeline and target valuation have not been formally disclosed, Axios has indicated that ConsenSys is working towards listing as early as 2026.
ConsenSys did not confirm that an S-1 filing was imminent, but acknowledged that it is actively evaluating capital markets options. “ConsenSys is always seeking opportunities to expand its influence,” the company told Decrypt when asked about the IPO report. “We continue to evaluate strategic options for growth, but have nothing to announce at this time.”
ConsenSys’ IPO will be structurally different from the wave of crypto listings that defined the previous cycle. Consensys is an infrastructure and tools company built into Ethereum’s execution layer, rather than a centralized exchange, miner, or pure trading proxy. The company develops MetaMask, a self-custodial wallet that has served as the default 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 been repeatedly described by Consensys as having tens of millions of monthly active users, and Infura handles billions of requests per day for applications that rely on reliable RPC infrastructure. This combination will give ConsenSys direct exposure to core on-chain activity rather than speculative token price fluctuations. This is likely to be a central part of its pitch to public market funds seeking returns associated with the use of Ethereum, as well as Ethereum’s volatility.
Regulatory posture is an important part of that story. In February 2025, the U.S. Securities and Exchange Commission notified ConsenSys that it was moving to dismiss the lawsuit over MetaMask’s staking capabilities, retracting allegations that the company was acting as an unregistered broker. The agency’s revocation effectively removes significant excesses in one of ConsenSys’ commercially sensitive products and comes against the backdrop of a broader softening of the tone of crypto law 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 about $7 billion post-money.
The timing of the IPO push reported by ConsenSys also coincides with the widespread re-entry of crypto names into the U.S. public market in 2025. Stablecoin issuer Circle went public in June at a low-single-digit valuation, and exchange operator Blish gained listing on the New York Stock Exchange in August.
At the time of writing, ETH was trading at $3,907.
Featured image created with DALL.E, chart on TradingView.com
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