Consensys Software Inc. announced on Wednesday, September 9, 2026, that it will split into two independent companies. Its consumer wallet venture will become MetaMask, while its Ethereum protocols and institutional software operations will form a new company that retains the Consensys name.

The move carries weight for two distinct audiences: the millions of users who hold crypto in MetaMask, and the banks that run on Consensys infrastructure. Both companies will operate with separate leadership, balance sheets, and strategies heading into the new year, according to the official announcement.

Who leads the two companies?

The existing corporate structure will operate as MetaMask, with co-founder Joe Lubin serving as chairman and chief executive. The company will run the consumer wallet and consumer product lines.

The institutional side of the business — including the Linea network and the Besu and Teku clients — will become the new Consensys. Mike Kriak will take the role of chief executive, David Cunningham will serve as president, and Lubin will assume the executive chairman seat.

The two organizations will operate independently, with the separation expected to be finalized by the end of the year. Lubin framed the move as a response to a simple observation: the value of the consumer side of the business had grown faster than the rest of the firm.

A wallet that became a bank

MetaMask has surpassed 100 million downloads across roughly 190 countries and has processed trillions of dollars in cumulative transaction volume. That footprint underpins what Lubin calls the “Open Money” platform — a single place to hold, spend, save, and grow money using both crypto and traditional assets.

The shift is most visible in Money Account, launched in June, which lets users earn up to 4% APY on the mUSD stablecoin while spending the same balance through MetaMask. The MetaMask Card, a debit product supported by Mastercard, extends that access to trading through perpetual futures and prediction markets.

“MetaMask grew out of that work into the world's most widely used self-custodial wallet, and today it's becoming something larger: a platform where people don't just hold their assets, but manage their money in its many diverse forms and aspects,” Lubin said.

Banking on institutional tokenization

The second company will focus on banks and asset managers. Consensys said financial firms have shifted from pilot projects to production use of tokenization, stablecoins, and blockchain settlement. Institutions including Citi, DTC, and BNY Mellon currently run on its Besu infrastructure.

Lubin's statement cited a June Citi report titled “Tokenization 2030,” which projects the tokenized asset market reaching between $5.5 trillion and $8.2 trillion by 2030.

IPO and token questions remain open

The restructuring lands at an unusual moment in the firm's corporate history. Consensys was founded more than a decade ago as a Brooklyn-based Ethereum incubator and relocated to Texas in 2023.

The company had sought to go public earlier this year but postponed the listing until fall 2026 after crypto markets slumped and Bitcoin dropped below the $80,000 mark. Its most recent valuation came in early 2022, when a $450 million Series D round valued the company at $7 billion.

The immediate milestones are the planned completion of the separation by year-end and any further decision on MetaMask's potential Q1 2027 public listing. The announcement does not provide a firm IPO date or resolve whether MetaMask will issue a token.

Lubin declined to name a future date for the IPO, though the newly formed MetaMask could become a public company by Q1 2027. He also remained silent on rumors of a MetaMask token, saying the current business and regulatory climate has caused firms to think twice about launching their own cryptocurrencies.