MetaMask Spins Off as Independent Company; IPO and Token Status Unclear

Consensys is dividing into two separate entities, with the MetaMask crypto wallet becoming a standalone firm. The split leaves unresolved the two issues that matter most to investors: a potential stock market listing and whether a MetaMask token will ever be created.

The MetaMask application, downloaded by more than 100 million people for self-custody of digital assets instead of relying on exchanges, is now becoming independent. The separation was announced by its parent company on Wednesday.

Today, MetaMask begins its next chapter as an independent company.

Consensys Software Inc., the company behind MetaMask, is rebranding as MetaMask, fully focused on the consumer platform. The protocols and institutional infrastructure businesses, including Linea, are becoming a…

— MetaMask 🦊 (@MetaMask) September 9, 2026

Why Consensys Is Splitting MetaMask Off

The existing company will keep its legal structure but adopt the MetaMask name and focus solely on consumer products. Joe Lubin, a co-founder of Ethereum, continues as chairman and chief executive officer.

Products built for banks and developers are moving into a newly created firm that retains the Consensys brand. That includes Linea, a network that enables cheaper transactions on Ethereum. Mike Kriak becomes chief executive of that company, with David Cunningham as president.

Lubin stated that the consumer side had been increasing in value faster than other parts of the business. Both companies expect the split to be completed by the end of 2026. Wallet users will keep the same app, private keys, and funds.

MetaMask now describes itself as an “Open Money” platform. This means card spending, savings, and trading are integrated into the wallet while users retain control of their own keys.

The IPO and Token Questions Nobody Answered

Consensys had been preparing for an initial public offering (IPO) in 2026. BeInCrypto reported in May that the timeline had slipped as cryptocurrency markets cooled, part of a broader wave of delays from companies like Kraken and Grayscale.

Lubin declined to offer a new date. A company spokesperson was more direct.

“We don’t comment on market speculation or potential future capital markets activity,” Fortune reported, citing a company spokesperson.

A MetaMask token, informally called MASK by traders, still has not been launched. Lubin had previously hinted at one. He now says fewer companies want to issue their own coins under current rules.

Investor money shifted into artificial intelligence listings this year, which stalled crypto IPO plans. A standalone MetaMask may present a cleaner pitch to public investors than a diversified software business. Whether it lists, and whether a token ever arrives, remains open.