One of the crypto industry’s oldest firms is splitting in two. Consensys announced on Wednesday that it is rebranding as MetaMask, which is the name of its flagship wallet product. This unit will operate as an independent corporate entity, focused entirely on its consumer MetaMask platform, while the rest of the firm’s operations—which include various protocols and Ethereum software for institutions—will be housed in a new and separate unit.
Under the new corporate arrangement, Consensys founder Joe Lubin will be CEO of the standalone MetaMask unit, while longtime executive Mike Kriak will lead the new, institution-focused entity that will carry on the legacy Consensys name. Lubin will also serve as Executive Chairman of the latter.
In an interview with Fortune, Lubin explained the decision to split the company came upon recognizing that its consumer-focused MetaMask operation was accruing value at a more rapid pace than the rest of Consensys’s business units.
The shake-up comes at a delicate moment in the corporate evolution of Consensys. Founded over a decade ago in Brooklyn as an Ethereum startup incubator, it relocated to Texas in 2023, and a year ago signaled plans to go public early this year, but those plans appear to have been scuttled by a major downturn in the crypto market.
Lubin declined to comment on the renewed timeline for an IPO, but his comments about the rapid growth of its consumer platform, and the company’s decision to split the firm suggest the standalone MetaMask firm might seek a listing as soon as early 2027.
Over the years, Consensys has sought to align its corporate values with the decentralized ethos of the Ethereum blockchain, of which Lubin was one of the cofounders. This goal has served to keep the company close to developers and longtime crypto enthusiasts, but has also meant that Consensys has at times suffered from the same chaos and strategic drift as Ethereum itself.
In the last several years, Consensys has carried out rounds of layoffs, and also got in a bruising but successful fight with the Biden-era Securities and Exchange Commission over the right to build decentralized software.
During this time, Consensys also sought to build out MetaMask, which began as a decentralized wallet for Ethereum, but has since expanded into something more like the crypto version of a neo-bank.
“We see a massive opportunity ahead of us as MetaMask is really maturing,” said Lubin, who pointed out to the brand’s recent launch of “Money Account,” which lets users hold various assets—including various forms of crypto and fiat currencies—in a single account, which they can spend using a Mastercard-supported debit card.
MetaMask also has a suite of other services, including perpetual futures and prediction markets, that Lubin says are providing an increasingly diversified revenue stream.
Lubin has hinted in recent years that MetaMask, which has a stablecoin, was poised to drop its own token, but on Tuesday told Fortune that the current business and regulatory climate means that fewer firms are inclined to issue their own cryptocurrencies.
As for the new corporate unit focused on protocols and institutional software, it will use the legacy name Consensys. Lubin said the recent push by banks and other companies to push portions of their operations on-chain will presage a long-term boom for both Ethereum and the newly-constituted Consensys.
In response to why the company chose to split its business units, and the new firms’ timeline for an IPO, a spokesperson declined to provide specific details.
“We don’t comment on market speculation or potential future capital markets activity. What we can say is that MetaMask and Consensys are two strong businesses operating in distinct markets, with different growth trajectories and paths to value creation. Separating them gives each company the dedicated leadership, focus and strategic flexibility to pursue its opportunity independently and maximize its long-term potential,” said the spokesperson.