Deng Tong, Jinse Finance
On October 29, 2025, according to Axios, Consensys plans to go public and has selected JPMorgan Chase and Goldman Sachs as the lead underwriters for its initial public offering (IPO). This listing will be one of the most important IPOs to date for an Ethereum infrastructure construction company.
A Consensys spokesperson stated that "there is currently no information to announce, but the company will continue to evaluate various development options. The company has been exploring opportunities to expand its influence." Although the official stance remains cautious, the market generally regards this planned IPO as one of the important signs of the maturation of the crypto industry.
This article outlines Consensys' business lines, reviews Consensys's glorious journey, and analyzes the multiple factors favorable to Consensys's listing.
I. Consensys' Journey: Six Core Businesses Illuminating Its Ideal
Founded in 2014 by Ethereum co-founder Joseph Lubin, Consensys' mission is to build the core infrastructure of the Ethereum ecosystem. Over the past decade, Consensys has continuously expanded its business lines, growing from an Ethereum developer community incubator into a diversified Ethereum infrastructure giant encompassing wallets, developer tools, enterprise services, Layer-2 networks, and ecosystem investments.
1. MetaMask
MetaMask is Consensys' star product. Since its launch in 2016, it has become the primary entry point for tens of millions of users to interact with multiple blockchains such as Ethereum, BNB Chain, and Polygon.
MetaMask provides functions such as account management, dApp integration, NFT storage, DeFi trading, and hardware wallet support. As a consumer-end entry point, it brings Consensys the most direct brand recognition and traffic foundation.
MetaMask provides functions such as account management, dApp integration, NFT storage, DeFi trading, and hardware wallet support.
As a consumer-end entry point, it brings Consensys the most direct brand recognition and traffic foundation.
On August 21st of this year, MetaMask announced the official launch of its native stablecoin, MetaMask USD (mUSD). MetaMask stated that mUSD will be issued by Bridge, a stablecoin issuance platform under Stripe, and minted through M0's decentralized infrastructure. On October 28th, MetaMask announced the launch of multi-chain accounts, increasing user asset loading speed by 30 times. 2. Infura Infura is a blockchain infrastructure platform launched in 2016. It provides stable APIs and node access services for Ethereum, IPFS, and Layer-2. Considered "Ethereum's AWS," it supports mainstream applications such as Uniswap, Aave, MetaMask, and OpenSea. Infura provides developers with reliable RPC access, enabling them to deploy and run dApps without building their own nodes. On October 6th, Joseph Lubin, founder of Consensys and co-founder of Ethereum, stated that a "token-driven economy" is about to enter Consensys' product portfolio, including Infura. 3. Besu In 2018, Consensys Besu (formerly PegaSys) was launched, aiming to create an enterprise-grade Ethereum client to support both public and permissioned (private) blockchain deployments. In August 2019, the PegaSys team officially donated its core product, Pantheon, to the Linux Foundation's Hyperledger project, renaming it Hyperledger Besu. In 2020, Consensys continued to lead the development and commercial support of Besu, integrating it into Consensys' enterprise services division and providing long-term maintenance, security audits, and compliance consulting. JPMorgan Chase has partnered with Consensys on its Onyx blockchain platform, utilizing Besu technology for enterprise network construction; the European Investment Bank (EIB) and the French central bank's digital bond experimental project also adopted a private chain architecture based on Besu. 4. Codefi In September 2019, ConsenSys launched Codefi. Codefi is Consensys' enterprise-grade fintech platform, dedicated to helping banks, asset management companies, and enterprise clients build asset management, settlement, and compliance processes on the blockchain. Codefi has participated in the French central bank's digital currency experiment, technical cooperation for the JPMorgan Chase Onyx project, and on-chain bond issuance pilots for several European banks. 5. Mesh In February 2020, Lubin announced the establishment of Consensys Mesh, "a global decentralized entrepreneurial ecosystem network" aimed at supporting the development of the Ethereum ecosystem through investment, incubation, and accelerator programs. Mesh has invested in projects such as Gitcoin, Livepeer, Phantom, and MetaMask Snaps, focusing on infrastructure, DeFi, DAO, NFT, and privacy computing. 6. Linea On March 28, 2023, ConsenSys opened its testnet to all developers, users, and protocols, officially renaming ConsenSys zkEVM to Linea. Linea is Consensys' self-developed zkEVM Layer-2 extension solution, aiming to reduce Ethereum transaction costs and improve execution efficiency. Linea is built on zk-rollup technology, fully compatible with the Ethereum Virtual Machine, allowing developers to migrate applications directly without code modification. Linea is deeply interoperable with MetaMask and Infura, allowing users to seamlessly access it through their wallets, and developers to directly connect to the network using Infura. On July 29th, Linea announced it would become the first Layer 2 network to implement Ethereum's burning mechanism at the protocol level, burning 20% of its net transaction fees. Linea also released a token allocation plan, allocating 85% of its tokens for ecosystem building, including 75% for development funds and 10% for early user incentives. On September 10th, Linea officially launched its TGE (Tencent Token Offering). On October 21, ConsenSys founder Joseph Lubin stated, "We will bring a next-generation tokenomics platform and launchpad to @LineaBuild. Furthermore, if we can accelerate the global penetration of prediction markets like @Polymarket and @MyriadMarkets, we can integrate collective wisdom and market forces into governance and decision-making processes at all levels of society." II. The Time is Ripe: Consensys Enters the IPO Window 1. Crypto Companies Usher in an IPO Wave On June 5th of this year, Circle went public on the New York Stock Exchange. Industry insiders point out that the success of a large-scale IPO like Circle may spur other companies to quickly follow suit with stablecoins. Companies such as Ionic Digital, Gemini Space Station, Inc., and BitGo... Companies like Inc. have filed for IPOs. The successful IPOs of Circle and Coinbase are providing a reference for crypto companies. 2. Continued Relaxation of Regulatory Policies Under the Trump administration, the US attitude towards cryptocurrencies has become more friendly. The SEC approved a spot Bitcoin ETF and rejected several lawsuits against crypto companies. Meanwhile, Congress is pushing forward stablecoin legislation, laying a clearer compliance framework for the entire industry. Just five days ago, Trump appointed Mike Selig as chairman of the CFTC to advance the modernization of US cryptocurrency regulation. Furthermore, Trump himself is a beneficiary of cryptocurrencies. According to an investigation by the Financial Times, Trump and his family earned over $1 billion in pre-tax profits from cryptocurrency businesses in the past year. The investigation shows that the Trump family's cryptocurrency empire includes multiple projects such as digital transaction cards, Meme Coin, stablecoins, tokens, and decentralized finance platforms. 3. Entry of Traditional Financial Institutions BlackRock, Visa Giants like BlackRock not only support cryptocurrency companies but also actively launch cryptocurrency-related businesses. For example, BlackRock planned to participate in Circle's IPO, raising over $150 million. BlackRock's move not only provided Circle with substantial financial backing but also signaled to the market that "traditional finance is willing and prepared to intervene in crypto asset companies." Yesterday, Visa announced plans to support four stablecoins on four different blockchains; on July 30th, the CEO of Visa (V.N) stated that the best way to use stablecoins is through Visa. The entry of traditional financial institutions helps the crypto narrative evolve from the fringe to the mainstream and can reduce financing difficulties for crypto companies, benefiting the industry's development. The sensational effect of Circle's IPO can be seen as a successful example of the true integration of crypto finance and traditional finance. In the past year, Circle, Galaxy... The IPOs of cryptocurrency-native companies like Digital, eToro, and Exodus signify the entry of digital asset businesses into the mainstream financial arena. For ordinary investors, this wave presents more investment opportunities. The market today encompasses publicly traded exchanges, self-custodied wallets, institutional infrastructure providers, and fintech applications integrating cryptocurrency trading and staking capabilities. This diversification reflects the increasing maturity of the cryptocurrency industry, whose development is no longer driven by speculative trading but rather by genuine business models and long-term strategic visions. Importantly, IPOs also bring greater accountability. Publicly listed companies must meet higher standards of financial reporting, compliance, and governance, which in turn makes them more attractive to institutional capital. Going public allows these companies to responsibly access funding and scale under the oversight of regulators and public shareholders. In short, the entry of cryptocurrency companies into the public stock market marks a crucial step towards building institutional credibility, market discipline, and sustainable growth.
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