Consensys Software Inc. announced on Wednesday, September 9, 2026 it will split into two separate companies. Its consumer wallet venture has morphed into MetaMask, while its Ethereum protocols and institutional software will become a new company but will keep the name Consensys.
The move is of particular importance to those who use MetaMask to hold crypto and to the banks that sit on ConsenSys infrastructure, as both companies will have separate leadership, balance sheet, and strategy going into the New Year.
Who’s in charge of MetaMask now?
The present company structure will now operate as MetaMask, and co-founder Joe Lubin will serve as chairman and chief executive. It will run the consumer wallet and consumer products.
The institutional aspect of the company, which included the Linea network, the Besu and Teku clients, will become the new Consensys. Mike Kriak will lead as CEO, while David Cunningham serves as president, and Lubin steps into the seat of executive chairman.
The companies are to run as two separate organizations, with the separation to be finalized by year’s end. Joe Lubin said the move is a reaction to a simple observation: the value of the consumer side of the business grew faster than the other parts of the firm.
A wallet that became a bank
MetaMask has seen over 100 million downloads from ~190 countries and has gone on to process trillions of dollars in cumulative transaction volume. This serves as the foundation for the “Open Money” platform, as Lubin calls it. It provides a single place to hold, spend, save, and grow money with crypto and traditional assets.
Money Account is the major sign of that shift. Launched in June, Money Account allows users to earn up to 4% APY on the mUSD stablecoin while using MetaMask to spend the same balance. The MetaMask Card is a Mastercard-supported debit product for 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 stated.
Banking on institutional tokenization
The second company is focused on banks and asset managers. Consensys claimed financial firms have pivoted from pilot projects to production use of tokenization, stablecoins, and blockchain settlement. Institutions like Citi, DTC, and BNY Mellon are currently running on its Besu infrastructure.
Lubin’s statement referenced a Citi report from June called “Tokenization 2030.” The report sees the market for tokenized assets between the $5.5 trillion and $8.2 trillion range by 2030.
The IPO and token questions left unanswered
The restructuring comes at a strange time for the firm’s corporate arc. Consensys was founded over a decade ago as a Brooklyn Ethereum incubator and moved to Texas in 2023.
The company sought to go public earlier this year but postponed it till fall 2026, when crypto markets took a nosedive, and Bitcoin went below the $80,000 mark. The company last had a valuation in early 2022, after a $450 million Series D raise. It was valued at $7 billion.
Lubin refused to state a future date for the IPO, even though the new company MetaMask could become public by Q1 2027. He also remained mute on the rumor of a MetaMask token, saying that the business and regulatory climate has caused firms to think twice about launching their own cryptocurrencies.
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