Consensys, the developer of the MetaMask wallet, is preparing to go public (IPO) and has selected JPMorgan and Goldman Sachs as underwriters.

Consensys, the company behind the popular MetaMask wallet, is making headlines as it prepares for an IPO, having selected JPMorgan and Goldman Sachs as its lead underwriters. MetaMask has grown into one of the most widely used self-custody wallets in the Ethereum ecosystem, serving millions of DeFi users and carving out a dominant position. In a move that signals its expanding ambitions, Consensys also unveiled a $30 million rewards program to boost on-chain activity and laid early groundwork for its own token launch.

This IPO initiative comes at a pivotal time: Consensys recently cleared a major legal hurdle when the U.S. Securities and Exchange Commission (SEC) dismissed its case against MetaMask’s staking services—removing a significant barrier to its U.S. capital market entry. With regulatory uncertainty now reduced, Consensys is better positioned to capture value from its core wallet business, its ecosystem rewards program, and the anticipated token issuance.

The selection of premier banks like JPMorgan and Goldman Sachs underscores the seriousness of this offering, suggesting Consensys aims to attract institutional investors and position itself as a credible public company. Meanwhile, the forthcoming token and rewards structure could enhance user engagement and build intrinsic value ahead of the listing.

There are important caveats: although the IPO process is underway, key details—such as the listing venue, timing, share structure, and valuation—haven’t yet been publicly disclosed. And while on-chain token mechanics hold promise, they also carry traditional risks: regulatory surprises, volatile crypto markets, and the challenge of converting user growth into sustained shareholder value.

All told, the IPO by Consensys signals a potential milestone for the broader Web3 and DeFi landscapes. If executed well, the company could become a flagship for how blockchain infrastructure firms go public—bringing together wallet operations, governance tokens, and native ecosystem incentives under one roof.