Consensys Software Inc. has split into two separate companies. The original entity will retain the Consensys name and focus on protocols, developer tools, and institutional blockchain services. MetaMask, the self-custodial wallet, has been spun off into a fully independent company focused on consumer finance.
The decision to restructure was led by Chairman and CEO Joseph Lubin. MetaMask currently serves approximately 100 million monthly active users. The company generates revenue from swaps, staking, and other activities within the Ethereum ecosystem.
MetaMask's evolution has seen the launch of its own stablecoin, mUSD, in August 2025, and a partnership with Ondo to offer tokenized stocks within the wallet by February 2026. The product began as a browser extension in 2016 to interact with Ethereum dApps.
Consensys raised $450 million in its Series D round in 2022, which resulted in a valuation of $7 billion. Plans for a broader business IPO have been postponed to fall 2026 or later due to market conditions.
The restructuring announcement did not include plans for an IPO or a token launch for either entity. Co-founder Dan Finlay left the company in April 2026, citing burnout after a decade of work.