Author: Deng Tong, Golden 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 become one of the most significant public offerings for Ethereum infrastructure companies to date.

A Consensys spokesperson stated that there is currently "no news 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 views this planned IPO as an important sign of the maturation of the crypto industry.

This article outlines Consensys's business lines, reviews its glorious journey, and analyzes the multiple factors favorable to Consensys's listing.

I. The Journey of Consensys: Illuminating Ideals with Six Major Businesses

Consensys was founded in 2014 by Ethereum co-founder Joseph Lubin, with the mission of building 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 covering wallets, developer tools, enterprise services, Layer-2 networks, and ecosystem investments.

1. MetaMask

MetaMask is Consensys's flagship product. Since its launch in 2016, it has become the primary gateway for tens of millions of users to interact with Ethereum, BNB Chain, Polygon, Solana, and other blockchains.

MetaMask offers features such as account management, dApp access, NFT storage, DeFi trading, and hardware wallet support. As a consumer-facing entry point, it provides Consensys with the most direct brand recognition and traffic foundation.

On August 21 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 8, MetaMask announced the official launch of Perps trading functionality on its mobile app. On October 28, MetaMask stated that it has launched multi-chain accounts, increasing user asset loading speed by 30 times.

2. Linea

On March 28, 2023, ConsenSys opened the testnet to all developers, users, or protocols and officially renamed ConsenSys zkEVM to Linea. Linea is Consensys's self-developed zkEVM Layer-2 scaling solution aimed at reducing Ethereum transaction costs and improving execution efficiency. Built on zk-rollup technology, Linea is fully compatible with the Ethereum Virtual Machine, allowing developers to migrate applications without modifying code. Linea is deeply interconnected with MetaMask and Infura, enabling users to access seamlessly through their wallets, while developers can directly use Infura to connect to the network.

On July 29, Linea announced that it would become the first Layer-2 network to implement an Ethereum burning mechanism at the protocol level, with the platform burning 20% of net transaction fees. Linea also released a token distribution plan, allocating 85% of tokens for ecosystem development, including 75% for the development fund and 10% for early user incentives. On September 10, Linea officially conducted its Token Generation Event (TGE).

On October 21, ConsenSys founder Joseph Lubin stated, "We will bring a next-generation tokenomics platform and launchpad for @LineaBuild. Moreover, if we can accelerate the penetration of prediction markets like @Polymarket and @MyriadMarkets globally, we can integrate collective wisdom and market forces into governance and decision-making processes at all levels of society."

3. Infura

Infura is a blockchain infrastructure platform launched in 2016. It provides stable API and node access services for Ethereum, IPFS, and Layer-2. It is regarded as "the AWS of Ethereum," supporting mainstream applications such as Uniswap, Aave, MetaMask, and OpenSea.

Infura offers developers reliable RPC access, allowing them to deploy and run dApps without building their own nodes. On October 6, Consensys founder and Ethereum co-founder Joseph Lubin stated that "token-driven economies" are about to enter Consensys's product system, including Infura.

4. Besu

In 2018, Consensys Besu (formerly PegaSys) was launched, aiming to create an enterprise-grade Ethereum client to support both public and permissioned (private) chain deployment scenarios. In August 2019, the PegaSys team officially donated its core product Pantheon to the Linux Foundation's Hyperledger project and renamed it Hyperledger Besu. In 2020, Consensys continued to lead the development and commercial support of Besu, integrating it into Consensys's enterprise services department and providing long-term maintenance, security audits, and compliance consulting.

JPMorgan Chase has previously collaborated 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 experiment also adopted a Besu-based private chain architecture.

5. Codefi

In September 2019, Consensys launched Codefi. Codefi is Consensys's enterprise-grade fintech platform, dedicated to helping banks, asset management companies, and corporate 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 on JPMorgan's Onyx project, and on-chain bond issuance pilots for several European banks.

6. Mesh

In February 2020, Lubin announced the establishment of Consensys Mesh, "a global decentralized entrepreneurial ecosystem," aimed at supporting the development of the Ethereum ecosystem through investments, incubation, and accelerator programs. Mesh has invested in projects such as Gitcoin, Livepeer, Phantom, and MetaMask Snaps, focusing on infrastructure, DeFi, DAOs, NFTs, and privacy computing.

II. The Time is Right: Consensys Welcomes the IPO Window

1. Crypto Companies Embrace IPO Wave

On June 5 of this year, Circle went public on the New York Stock Exchange. Industry insiders point out that the success of large-scale IPOs like Circle's may stimulate other companies to quickly follow suit in the footsteps of stablecoins. Companies such as Ionic Digital, Gemini Space Station, Inc., and BitGo, Inc. have submitted IPO applications. The successful IPO paths of Circle and Coinbase are providing a reference for crypto companies.

2. Regulatory Policies Continue to Ease

Under the Trump administration, the U.S. has become more friendly towards cryptocurrencies. The SEC has approved a spot Bitcoin ETF and dismissed multiple lawsuits against crypto companies. Meanwhile, Congress is advancing stablecoin legislation, laying a clearer compliance framework for the entire industry. Just five days ago, Trump appointed Mike Selig as the CFTC chairman to promote the modernization of U.S. cryptocurrency regulation.

Additionally, Trump himself has "led by example" as a vested interest in cryptocurrencies. According to a Financial Times investigation, Trump and his family have 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 various projects such as digital trading cards, meme coins, stablecoins, tokens, and decentralized finance platforms.

3. Traditional Financial Institutions Enter the Market

Giants like BlackRock and Visa not only support cryptocurrency companies but also actively launch businesses related to cryptocurrencies. For instance, BlackRock planned to participate in Circle's IPO with an amount exceeding $150 million, which not only brought significant funding trust backing to Circle but also sent a signal to the market that "traditional finance is willing and ready to engage with crypto asset companies." Just yesterday, Visa announced plans to support four stablecoins on four different blockchains; on July 30, Visa's CEO stated that the best way to use stablecoins for consumption 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 industry development.

III. Conclusion

The sensational effect of Circle's listing can be seen as a successful case of the true integration of crypto finance and traditional finance. In the past year, crypto-native companies such as Circle, Galaxy Digital, eToro, and Exodus have gone public one after another, marking that digital asset businesses are entering the mainstream financial sector.

For ordinary investors, this wave has brought more investment opportunities. Today's market encompasses publicly traded exchanges, self-custody wallets, institutional infrastructure providers, and fintech applications that integrate cryptocurrency trading and staking functions. This diversification reflects the increasing maturity of the cryptocurrency industry, where development is no longer dominated by speculative trading but is centered on genuine business models and long-term strategic visions.

Importantly, going public also brings higher accountability. Public companies must meet higher standards for financial reporting, compliance, and governance, which in turn makes them more attractive to institutional capital. Going public enables these companies to raise funds and scale responsibly under the supervision of regulators and public shareholders. In short, the entry of cryptocurrency companies into the public stock market marks a crucial step in establishing institutional credibility, market discipline, and achieving sustainable growth.

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