Consensys Picks Goldman Sachs, JPMorgan To Lead Planned IPO
Ethereum ecosystem developer Consensys plans to go public and has chosen Goldman Sachs and JPMorgan Chase to underwrite its initial public offering (IPO), Axios reported.
That would see the company join a wave of crypto firms that have gone public this year amid a friendlier regulatory climate in the US.
Consensys Develops Tools For Ethereum Applications
Consensys develops tools that enable developers and users to interact with applications within the Ethereum ecosystem.
One of these tools is the non-custodial Web3 wallet, Metamask, which is used by millions of people across the globe to manage crypto and connect with decentralized applications directly via a web browser.
The company also backs SharpLink Gaming, which is the second-largest ETH treasury firm globally. Consensys co-founder Joe Lubin is also chairman of the corporate ETH buyer.
Top 10 largest corporate ETH holders (Source: StrategicETHReserve)
According to data from StrategicETHReserve, SharpLink Gaming holds around 859.4K ETH on its balance sheet. At current prices, this equates to around $3.35 billion.
Meanwhile, SharpLink recently announced that it plans to deploy $200 million of its holdings into on-chain yield strategies. These funds will be locked up on Linea, a layer-2 network that was incubated by Consensys and that aims to improve speeds and lower costs on Ethereum.
Consensys To Join Other Crypto-Native Companies In Going Public
If Consensys does indeed go public, it won’t be the first crypto-native firm to do so in 2025.
Earlier this year, USD Coin (USDC) issuer Circle announced an IPO with a target raise of up to $624 million at a potential valuation of $6.7 billion.
The company’s prospectus showed that Circle sold 34 million shares at a public offering price of $31 per share, and has to upsize its offering due to strong demand. On its first day, the firm’s stock gained 168%.
Bullish, a digital trading platform backed by PayPal co-founder Peter Thiel, also made its public debut this year and pulled in around $1.1 billion. On its first day of trading, the company’s stock soared from $90 to a high of $118 before closing off the session at $92.60.
Gemini, the crypto exchange founded by the Winklevoss twins, went public last year. Its IPO was priced at $28 per share, which was above the marketed $24-$26, and the firm ended up raising $425 million after selling around 15.2 million shares. The listing valued that company at $3.3 billion.
Firms More Comfortable Going Public Amid Friendlier Regulations
The wave of public listings by crypto-native firms comes amid a friendlier regulation around the digital asset space in the US under President Donald Trump.
During his election campaign, Trump positioned himself as the “Crypto President,” and promised to make the US the “crypto capital of the world.”
Since taking office, Trump has appointed crypto-friendly leaders at agencies including the US Securities and Exchange Commission (SEC), which had targeted the crypto industry under the former Joe Biden administration with strict enforcement measures.
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