Morning Minute: MetaMask Parent Consensys Files for IPO

Morning Minute is a each day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Right now’s prime information:

Crypto majors fall 2-3% after Powell says price reduce not sure in December
MetaMask mum or dad Consensys information for IPO
Mastercard to accumulate Zero Hash for as much as $2B
Jack Dorsey’s Bitchat turns into prime social app in Jamaica amidst hurricane
MegaETH raised over $1.25B in public ICO (25x oversubscribed)

💼 Consensys Recordsdata for IPO, Proper After MetaMask Drops Rewards

Ethereum’s largest firm is heading to Wall Road.

However can it juggle fairness…and a token?

📌 What Occurred

Consensys, the corporate behind MetaMask, is getting ready for an IPO with JPMorgan and Goldman Sachs tapped to guide the deal, in accordance with Axios.

Consensys has quietly been positioning itself for public markets all 12 months, trimming prices, tightening operations, and increasing MetaMask past a easy Ethereum pockets right into a full monetary platform.

Consensys was final valued at $7B in 2022 and has since constructed probably the most extensively used self-custody pockets in crypto.

MetaMask alone reportedly has 30–35 million month-to-month lively customers at cycle peaks, which suggests Consensys is about to place itself as crypto’s shopper tremendous app to buyers.

Notably, this announcement comes in the future after MetaMask introduced its new rewards program (a serious step towards its MASK token launch).

Yesterday MetaMask launched “MetaMask Rewards”, a cashback-style program that lets customers earn yield and incentives by routing swaps, bridging, and staking via authorized companions in-app.

🧠 Why It Issues

The timing was fairly attention-grabbing with back-to-back bulletins.

However doubtless as a result of the 2 (IPO and ICO) go hand-in-hand.

Reward applications drive quantity and income, which makes these numbers look higher to Wall Road.

However now Consensys will quickly should reply the query hanging over each main crypto firm: How do you stability a public firm with a community-owned token?

Going public means:

Shareholders will demand earnings
Customers will demand a token
Regulators will demand readability

Can Consensys stroll the tightrope between fairness worth for Wall Road and token worth for customers?

It’s actually not a simple drawback to unravel.

Consensys’ inventory can be pushed by income and earnings. So what’s going to drive the token?

If MetaMask does buybacks of its token utilizing income (like current darlings Hyperliquid and Pump.enjoyable) – then is that taking income away from stockholders?

In the event that they don’t use income, then what’s the MASK token precisely? A governance token?

We all know how these have fared over the previous 3-4 years (not effectively).

They’re dealing with an uphill battle, to say the least. But when anybody can pull it off, it’s Joe Lubin and workforce.

And in the event that they do, they’ll set the blueprint for each different main firm in crypto trying to IPO alongside a token drop…



Disclosure: Consensys is certainly one of 22 buyers in an editorially unbiased Decrypt.

🌎 Macro Crypto and Memes

Just a few Crypto and Web3 headlines that caught my eye:

Crypto majors are pink after FOMC’s shaky steerage and a profitable Trump Xi assembly; 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 prime movers
The Federal Reserve Board reduce rates of interest by 25 bps and stated QT would finish on Dec 1, although Powell did name a December price reduce removed from assured
Odds of 1 extra price reduce in 2025 fell from 84% to 67% after Powell’s feedback
OpenAI shared plans to IPO at $1T as quickly as H2 2026
Michael Saylor nonetheless targets $150K BTC by year-end, citing declining volatility and bettering market construction
Mastercard plans to accumulate blockchain startup Zero Hash for as much as $2B per Fortune
Consensys (MetaMask) is prepping an IPO, hiring JPMorgan and Goldman as leads
Ethereum introduced a brand new web site that includes ecosystem information and sector overviews geared toward establishments
Senators Warren and Sanders blasted the Trump administration’s strikes on crypto in 401(ok)s, warning of investor danger
Jack Dorsey’s Bitchat ranked first in Jamaica’s App Retailer for social networking amidst Hurricane Melissa

In Company Treasuries / ETFs

In Memes

Memecoin leaders are principally pink; DOGE -3%, Shiba -2%, PEPE -2%, PENGU -3%, BONK -2%, TRUMP +3%, SPX -7%, and FARTCOIN -2%
TRUMP grew to become one of many prime movers on the week in all of crypto, up 45% on the week
REKT jumped 25% to $250M, main meme movers on the day
KitKat was a prime each day mover on Solana, up 72x to $6M; jelly jelly jumped 46% to $132M

💰 Token, Airdrop & Protocol Tracker

Right here’s a rundown of main token, protocol and airdrop information from the day:

🚚 What is occurring in NFTs?

Right here is the checklist of different notable headlines from the day in NFTs:

NFT leaders have been flat or inexperienced 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%) have been notable movers
The NFT Methods have been principally pink once more, down 2-7%; PNKSTR at $60M