Consensys Software Inc. announced the split into two independently operating companies: the existing entity is renamed MetaMask, with founder Joe Lubin serving as chairman and CEO, focusing on self-custody consumer finance; the protocol group and institutional infrastructure will form a new company retaining the Consensys name, with Mike Kriak as CEO, David Cunningham as president, and Lubin as executive chairman. The split aims to be completed by the end of 2026.

Lubin stated that the value accumulation of the consumer business is faster than other departments. MetaMask has over 100 million downloads, covering approximately 190 countries, facilitating transactions worth trillions of dollars, and has expanded from an Ethereum wallet to a main account, multi-asset, and Mastercard debit card consumption, as well as access to perpetual contracts and prediction markets. The new Consensys retains Linea, Besu, Teku, and tokenization and settlement software for institutions. User keys and funds do not need to be migrated.

Lubin did not provide a timeline for an IPO and the company declined to comment on rumors regarding capital markets. Previous plans for a U.S. listing were delayed due to market conditions. The MASK token has not yet been issued, and he indicated that the willingness to issue tokens has decreased under the current regulatory environment. Analysts believe the consumer entity may seek to go public as early as early 2027, which is an external projection rather than a company commitment.

After the split, the two companies will still serve as channels for each other: Consensys will act as a bank and protocol, while MetaMask will serve as a personal entry point. Consumer revenue will come from transactions, cards, and on-chain finance, while institutional revenue will come from networks and software licenses, with the two valuation logic no longer bundled in the same financial statement.

Mechanically, this separates the high-growth entry from the infrastructure ledger, facilitating independent financing or listing. Beneficiaries will be the payment and derivatives flow on the wallet side; the pressured side will be the software department still relying on protocol work and Linea subsidies. Capital will price MetaMask based on consumer finance multiples and Consensys based on enterprise software multiples.

Before the split is completed, they remain the same legal entity. There are no tokens, no prospectus, and the restructuring itself does not create a new circulation.

Source: Public Information