JPMorgan Taking MetaMask Public: ICO Before Airdrop?

The MetaMask airdrop narrative is heating up again after fresh reports confirmed that JPMorgan and Goldman Sachs have been brought on to lead Consensys’ initial public offering (IPO). Consensys, the company behind the widely popular MetaMask wallet, is reportedly eyeing a late 2025 or early 2026 listing, potentially marking one of the biggest public offerings in crypto’s history.

With over 100 million MetaMask users worldwide and persistent chatter around a MetaMask ICO and MASK token, investors are now asking one burning question. Will the airdrop arrive before the IPO, or will both events coincide in a single massive rollout?

Consensys, led by Ethereum co-founder Joseph Lubin, has hired JPMorgan Chase and Goldman Sachs to manage its IPO. The move signals a significant leap forward for one of Ethereum’s most influential structure firms, fresh off a key regulatory victory.

🚨 JUST IN: MetaMask maker Consensys selects JPMorgan and Goldman Sachs as lead underwriters for its IPO, per Axios. pic.twitter.com/qxxtn64NoE

— Cointelegraph (@Cointelegraph) October 29, 2025

Earlier this year, the SEC dropped its lawsuit against Consensys over MetaMask’s staking features, removing one of the final barriers before a potential listing. The company, last valued at around $7Bn in 2022, builds foundational tools for the Ethereum ecosystem, including MetaMask, Infura, and the Linea Layer-2 network.

(Source – tracxn)

The IPO would give traditional investors a rare opportunity to buy exposure to Ethereum’s expanding ecosystem. Meanwhile, Consensys has doubled down on its Web3 ambitions, reportedly planning to invest $200M into DeFi and yield-generating strategies on Linea. This will further strengthen MetaMask’s integration with on-chain finance.

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So far, there’s no official MetaMask ICO, and none confirmed to be coming. Despite years of speculation about a MASK token, Consensys has not announced any sale or token issuance. Instead, attention has shifted toward the ongoing MetaMask Rewards Program, which many believe is laying the groundwork for a future airdrop.

Getting started with MetaMask Rewards is easy.

Just opt-in on mobile and you’re on your way.

🦊 pic.twitter.com/wWbJjhBkSO

— MetaMask.eth 🦊 (@MetaMask) October 29, 2025

This reward campaign allows users to earn points for actions such as swapping tokens, bridging assets, and staking directly in MetaMask. The points system has quickly become a talking point among DeFi users, offering rewards such as Linea tokens, fee discounts, and potential eligibility for a MASK airdrop.

While a few domain names, such as claim.metamask.io and gift.metamask.io, have intensified community speculation, Consensys hasn’t confirmed any official airdrop timeline or token details. Analysts expect that if a MASK token does appear, it will take the form of a governance or utility token, launched via a fair distribution rather than a traditional ICO – aligning with the company’s cautious, regulation-first approach.

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If the MASK token does launch, it could become one of the most anticipated events in DeFi history. MetaMask’s 10 million unique user base gives it unprecedented reach, and a token release (especially alongside ConsenSys’ IPO) could ignite a wave of retail participation.

(Source – dune)

Recent patterns suggest the MetaMask airdrop could take place in early 2026, potentially coinciding with the IPO itself. The dual headlines would be strategic: one introduces Consensys to Wall Street, while the other energizes the Web3 community with a fresh token ecosystem. Analysts expect that if a MASK token hits the market, Metamask price volatility could mirror early UNI or ARB surges, as users rush to claim, stake, and trade their rewards.

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Key Takeaways

JPMorgan and Goldman Sachs to lead Consensys IPO.

Is the MetaMask token going to launch before the airdrop?