Consensys Software Inc. is splitting into two independent companies, separating the MetaMask consumer wallet from its Ethereum infrastructure and institutional business. The existing entity rebrands as MetaMask under Joe Lubin, while a new company keeps the Consensys name and takes over Linea, Besu and the institutional infrastructure work. The separation is expected to close by the end of 2026.
Consensys Software Inc. is splitting into two independent companies, the firm said Wednesday, separating its consumer-facing MetaMask wallet from its Ethereum infrastructure and institutional operations. The separation is expected to be completed by the end of 2026.
Who runs what
The existing corporate entity will rebrand as MetaMask, continuing under co-founder Joe Lubin as chairman and chief executive. Meanwhile, Consensys' Protocols Group and institutional blockchain infrastructure business becomes a newly formed company that keeps the Consensys name, with Mike Kriak as chief executive, David Cunningham as president and Lubin as executive chairman. That entity retains the Linea network along with the Besu and Teku Ethereum clients.
Cunningham framed the institutional side around settlement infrastructure. According to The Defiant: "Financial institutions and market infrastructure are moving to always-on operations with tokenization at the core".
MetaMask's consumer push
MetaMask has expanded well past its original wallet role. It launched a U.S. Mastercard-linked payment card earlier this year, with rewards paid in its mUSD stablecoin. It then followed in June with a Money Account paying up to 4% APY on mUSD holdings while supporting card spending, trading, perpetual futures and prediction markets from the same balance. The company says the wallet has passed 100 million downloads across roughly 190 countries and has facilitated trillions of dollars in cumulative transaction volume.
Institutions including Citi, DTC and BNY Mellon use Consensys' Besu infrastructure. A June 2026 Citi report cited in the announcement estimates tokenized assets could reach $5.5 trillion to $8.2 trillion by 2030.
A decade-long structure comes apart
The split separates Ethereum's most widely used wallet from one of its largest protocol development shops for the first time since Lubin founded the company in 2014. It follows a turbulent stretch for Consensys that included layoffs, a legal fight with the Securities and Exchange Commission and an earlier plan to go public.
Neither the announcement nor Lubin's blog post mentions a MetaMask MASK token, and the company has stayed quiet on the timing of a potential IPO.
Sources: The Block, Crypto Briefing, The Defiant
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