Morning Minute: MetaMask Parent Consensys Files for IPO

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

• Crypto majors fall 2-3% after Powell says rate cut not certain in December
• MetaMask parent Consensys files for IPO
• Mastercard to acquire Zero Hash for up to $2B
• Jack Dorsey’s Bitchat becomes top social app in Jamaica amidst hurricane
• MegaETH raised over $1.25B in public ICO (25x oversubscribed)

💼 Consensys Files for IPO, Right After MetaMask Drops Rewards

Ethereum’s biggest company is heading to Wall Street.

But can it juggle equity…and a token?

📌 What Happened

Consensys, the company behind MetaMask, is preparing for an IPO with JPMorgan and Goldman Sachs tapped to lead the deal, according to Axios.

Consensys has quietly been positioning itself for public markets all year, trimming costs, tightening operations, and expanding MetaMask beyond a simple Ethereum wallet into a full financial platform.

Consensys was last valued at $7B in 2022 and has since built the most widely used self-custody wallet in crypto.

MetaMask alone reportedly has 30–35 million monthly active users at cycle peaks, which means Consensys is about to position itself as crypto’s consumer super app to investors.

Notably, this announcement comes one day after MetaMask announced its new rewards program (a major step toward its MASK token launch).

Yesterday MetaMask launched “MetaMask Rewards”, a cashback-style program that lets users earn yield and incentives by routing swaps, bridging, and staking through approved partners in-app.

MetaMask Rewards works similarly to IRL loyalty programs you’re familiar with:

🦊 Trade, swap, bridge, and refer using MetaMask
🦊 Earn rewards with every action
🦊 Unlock new levels and benefits over time

The more you use MetaMask, the more you’ll earn.

— MetaMask.eth 🦊 (@MetaMask) October 28, 2025

🧠 Why It Matters

The timing was quite interesting with back-to-back announcements.

But likely because the two (IPO and ICO) go hand-in-hand.

Reward programs drive volume and revenue, which makes those numbers look better to Wall Street.

But now Consensys will soon have to answer the question hanging over every major crypto company: How do you balance a public company with a community-owned token?

Going public means:

• Shareholders will demand profits
• Users will demand a token
• Regulators will demand clarity

Can Consensys walk the tightrope between equity value for Wall Street and token value for users?

It’s certainly not an easy problem to solve.

Consensys’ stock will be driven by revenue and profits. So what will drive the token?

If MetaMask does buybacks of its token using revenue (like recent darlings Hyperliquid and Pump.fun) – then is that taking revenue away from stockholders?

If they don’t use revenue, then what is the MASK token exactly? A governance token?

We know how those have fared over the past 3-4 years (not well).

They’re facing an uphill battle, to say the least. But if anyone can pull it off, it’s Joe Lubin and team.

And if they do, they’ll set the blueprint for every other major company in crypto looking to IPO alongside a token drop…



Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.

🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

• Crypto majors are red after FOMC’s shaky guidance and a successful Trump Xi meeting; BTC -3% at $110,100, ETH -3% at $3,900, BNB +1% at $1,120, SOL -2% at $192
• ZEC (+9%) and AERO (+7%) led top movers
• The Federal Reserve Board cut interest rates by 25 bps and said QT would end on Dec 1, though Powell did call a December rate cut far from guaranteed
• Odds of 1 more rate cut in 2025 fell from 84% to 67% after Powell’s comments
• OpenAI shared plans to IPO at $1T as soon as H2 2026
• Michael Saylor still targets $150K BTC by year-end, citing declining volatility and improving market structure
• Mastercard plans to acquire blockchain startup Zero Hash for up to $2B per Fortune
• Consensys (MetaMask) is prepping an IPO, hiring JPMorgan and Goldman as leads
• Ethereum announced a new website featuring ecosystem data and sector overviews aimed at institutions
• Senators Warren and Sanders blasted the Trump administration’s moves on crypto in 401(k)s, warning of investor risk
• Jack Dorsey’s Bitchat ranked first in Jamaica’s App Store for social networking amidst Hurricane Melissa

In Corporate Treasuries / ETFs

• The Bitcoin ETFs saw $470.7M in net outflows on Wednesday, with ETH seeing $81.4M in outflows
• Fidelity filed an updated S-1 to expedite its SOL ETF approval through the SEC
• 21Shares filed for a Hyperliquid ETF, becoming the 2nd issuer following Bitwise to get in the HYPE ETF game

In Memes

• Memecoin leaders are mostly red; DOGE -3%, Shiba -2%, PEPE -2%, PENGU -3%, BONK -2%, TRUMP +3%, SPX -7%, and FARTCOIN -2%
• TRUMP became one of the top movers on the week in all of crypto, up 45% on the week
• REKT jumped 25% to $250M, leading meme movers on the day
• KitKat was a top daily mover on Solana, up 72x to $6M; jelly jelly jumped 46% to $132M

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

• MegaETH has seen $1.2B in deposits (24x oversubscribed) for its public ICO with just a few hours remaining
• Monad released day 2 of its airdrop reveal, with today being the 3rd and final day for those who revealed early
• Kalshi expanded deposits to accept USDC on SUI along with SUI-specific markets
• Jupiter introduced its newest limit order system offering more control and precision

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• NFT leaders were flat or green on the day; Punks even at 39 ETH, Pudgy even at 6.95, BAYC +6% at 6.9 ETH; Hypurr’s -7% at 1,100 HYPE
• Mocaverse (+49%) and v1 Punks (+10%) were notable movers
• The NFT Strategies were mostly red again, down 2-7%; PNKSTR at $60M

Source