Ethereum development firm Consensys announced plans to split into two independently operated companies, separating its MetaMask wallet business from the Ethereum protocols and institutional blockchain infrastructure it has built over the past decade.
New Corporate Structure
The existing company, Consensys Software Inc., will rebrand as MetaMask under Ethereum co-founder Joe Lubin as chairman and CEO.
Its protocols group and institutional infrastructure business, including the Linea blockchain, will move into a newly formed company retaining the Consensys name.
Leadership Changes
The separation, expected to be completed by the end of 2026, would see Mike Kriak lead the new Consensys as CEO. That firm would include David Cunningham as president and Lubin as executive chairman.
The new Consensys entity will focus on developing Ethereum infrastructure and helping financial institutions deploy blockchain systems for tokenized assets, stablecoins, and settlement.
IPO Plans Delayed
The restructuring comes after Consensys pushed back a potential U.S. initial public offering (IPO) until this fall at the earliest, citing poor market conditions. The company had reportedly engaged JPMorgan and Goldman Sachs to lead the process.
