Consensys has announced a split into two independently operating companies, separating MetaMask from its Ethereum infrastructure and institutional business after more than a decade of shared operations.
Who Leads Each Side
The existing Consensys Software Inc. entity will be renamed MetaMask, with Ethereum co-founder Joe Lubin serving as Chairman and CEO. Linea, along with the protocol and institutional infrastructure divisions, will belong to a new entity named Consensys, with Mike Kriak as CEO and David Cunningham as President. Lubin will serve as Executive Chairman at the new Consensys.
The separation process is expected to be completed before the end of 2026. Both entities have already begun operating independently during the transition phase. For MetaMask users, the restructuring does not alter the app, assets, private keys, or access rights.
Why the Split
Lubin stated that MetaMask is accumulating value faster than the rest of the group. Rather than continuing to bundle the consumer wallet, Ethereum protocols, and banking infrastructure within a single company, each division will have its own management and strategy.
MetaMask currently has over 100 million downloads and has expanded support to Bitcoin, Solana, and hundreds of blockchain networks. Earlier this year, MetaMask launched a Mastercard in the US that enables crypto spending. In July, the company rolled out the Money Account, combining savings and spending of the mUSD stablecoin with yields of up to 4% per year.
On the other side, the new Consensys will focus entirely on institutional Ethereum infrastructure. Besu, Consensys’s node client, is already used by Citi, DTC, and BNY Mellon.
IPO and MASK Token: Still Silent
IPO plans were previously being prepared under the lead of JPMorgan and Goldman Sachs, but have been pushed back at least until the fall due to unfavorable market conditions. The September 9 announcement made no mention of an IPO, nor did it indicate whether MetaMask or the new Consensys would be the entity taken public.
There is also no new information regarding a MASK token. Lubin had previously confirmed that MetaMask plans to issue its own token, but both companies have remained silent during this restructuring.