Morning Minute: MetaMask Parent Consensys Files for IPO

Morning Minute is a daily newsletter published by: tyler warner. The analyzes and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to Morning Minutes on substack.

GM!

Today’s top news:

• Cryptocurrency majors fall 2-3% after Chairman Powell says December interest rate cut is not certain
• MetaMask Parent Consensys File for IPO
• Mastercard to acquire Zerohash for up to $2 billion
• Jack Dorsey’s Bitchat becomes Jamaica’s top social app amidst hurricane
• MegaETH raises over $1.25 billion in public ICO (25x oversubscribed)

💼 ConsenSys files for IPO right after MetaMask terminates fees

Ethereum‘s biggest companies are heading to Wall Street.

But can stocks and tokens go hand in hand?

📌What happened

The company behind Consensys metamaskJPMorgan and Goldman Sachs have been named to lead the transaction and are preparing for an IPO, according to Axios.

ConsenSys has been quietly positioning itself for the public market throughout the year, cutting costs, strengthening operations, and expanding MetaMask beyond simple Ethereum. wallet Towards a complete financial platform.

ConsenSys was valued at $7 billion in 2022 and has since built the most widely used self-custody wallet in cryptocurrencies.

MetaMask alone reportedly had 30 million to 35 million monthly active users at the peak of its cycle, meaning ConsenSys is poised to position itself as a crypto consumer super app for investors.

Notably, this announcement came a day after MetaMask. announced a new rewards program (A big step towards the launch of the MASK token).

Yesterday, MetaMask launched “MetaMask Rewards”. This is a cashback-style program that allows users to earn yield and incentives by routing swaps, bridging, and staking through approved partners within the app.

🧠 Why is it important?

There were a lot of announcements in quick succession, and the timing was very interesting.

But perhaps because the two (IPO and ICO) are closely related.

Rewards programs drive sales volume and revenue, making the numbers look better to Wall Street.

But now ConsenSys will have to answer quickly. of The question hanging over every major cryptocurrency company: How do you balance public companies and community-owned tokens?

An initial public offering means:

• shareholders will demand profits
• User requests token
• Regulators will demand clarity

Can ConsenSys walk the tightrope between equity value to Wall Street and token value to users?

It’s certainly not an easy problem to solve.

ConsenSys’ stock price is driven by sales and profits. So what makes the tokens move?

If MetaMask uses the proceeds to buy back its own tokens (like recent popular companies like Hyperliquid and Pump.fun), will that deprive shareholders of their profits?

If you don’t use the proceeds, what exactly is the MASK token? A governance token?

We know how they have fared (and not so well) in the past 3-4 years.

They face an uphill battle, to say the least. But if anyone can do it, it’s Joe Rubin and his team.

And if they do so, they will set the blueprint for all other crypto giants aiming for IPOs in parallel with token drops…

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

🌎 Macro Codes and Memes

Some crypto and Web3 headlines that caught my eye:

• Cryptocurrency majors are red hot following erratic guidance from the FOMC and successful meeting with Trump-Xi. BTC -3% ($110,100), ETH -3% ($3,900), BNB +1% ($1,120), SOL -2% ($192)
• ZEC (+9%) and AERO (+7%) lead the way
• Federal Reserve Board Cut interest rates by 25 bps and said QT would end on December 1st, but Powell said a December rate cut was far from guaranteed.
• Following Chairman Powell’s remarks, the probability of another rate cut in 2025 drops from 84% to 67%.
• OpenAI Shares plans for $1 trillion IPO as early as second half of 2026
• michael saylor Still targeting $150,000 BTC by year-end due to lower volatility and improved market structure
• master card Plans to acquire blockchain startup Zero Hash for up to $2 billion per Fortune
• consensus (MetaMask) hires JP Morgan and Goldman as leads and prepares for IPO
• Ethereum Announced new website Featuring ecosystem data and sector overviews for institutions
• Sen. Warren and Sen. Sanders Condemns Trump administration’s move on cryptocurrencies in 401(k)s, warns of risks for investors
• Jack Dorsey’s Complaints Ranked #1 on the App Store for Social Networking in Jamaica in the wake of Hurricane Melissa

For corporate bonds/ETFs

with a meme

• meme coin leader Most are red. Doge -3%, Shiva -2%, Pepe -2%, Peng -3%, Bonk -2%, Trump +3%, SPX -7%, Fatcoin -2%
• playing cards Up 45% for the week, making it one of the top moves of the week across cryptocurrencies
• Recto It rose 25% to $250 million and was the day’s top meme move
• kit kat Solana had the highest daily increase, increasing 72x to $6 million. Jelly Jelly rose 46% to $132 million

💰 Tokens, Airdrops and Protocol Trackers

Here’s a summary of the day’s key token, protocol, and airdrop news:

🚚 What’s happening with NFTs?

Here’s a list of the day’s other notable headlines regarding NFTs:

• NFT leader It was flat or green that day. Even if Punks is 39 ETH, Pudgy is 6.95 ETH, BAYC is 6.9 ETH, +6%. Hypurr -7% for 1,100 HYPE
• Mocaverse (+49%) and v1 Punk (+10%) He was a notable mover.
• NFT strategy Most are red again, down 2-7%. PNKSTR is $60 million