Étienne Girard
Ethereum co-founder and Consensys CEO Joseph Lubin revealed that the long-awaited MetaMask native token, MASK, will launch soon. Speaking on The Crypto Beat podcast, Lubin said the token could arrive “sooner than expected” and emphasized its role in further decentralizing parts of the MetaMask ecosystem.
Lubin noted that Consensys is committed to advancing progressive decentralization across Ethereum, using products such as MetaMask, Infura, and Linea to ensure that decentralization remains a central focus.
The idea of a MetaMask token has circulated since at least 2021, when developers suggested enabling community ownership. In May, MetaMask co-founder Dan Finlay said that if launched, the token would be promoted directly inside the wallet, making access straightforward for users.
Lubin’s comments now indicate the launch is concrete and imminent, marking one of the most anticipated crypto events of the year.
Linea Token Launch Sets the Stage
Earlier this month, Consensys’ Ethereum Layer 2 network Linea launched its native asset, LINEA, distributing 9.36 billion tokens to eligible wallets. Lubin explained that Consensys only took 15% of the supply, with the rest going to support developers, liquidity providers, and community adoption.
“Community growth is the priority,” Lubin said, highlighting the broader push to strengthen Ethereum’s ecosystem through token distribution.
SharpLink’s Market NAV Concerns
Beyond MetaMask, Lubin also addressed his role as Chairman of SharpLink Gaming, a publicly traded Ethereum treasury firm. The company’s market net asset value (mNAV) ratio recently fell below 1, currently sitting at 0.80x, signaling a market discount on its ETH reserves. Similar trends have hit other treasury firms like Bitmine and MARA.
Such declines can dent investor confidence, sparking fears of a “death spiral” where stock prices collapse, restricting a company’s ability to raise capital. Still, Lubin pointed out that ETH price rallies typically revive sentiment, saying, “When ether surges, SharpLink’s value follows. Animal spirits always return.”
SharpLink CEO Joseph Chalom added that the mNAV drop is only a temporary dislocation and highlighted staking yields of more than 3% as a long-term draw for shareholders.
Future of Ethereum Treasuries
If the mNAV continues to lag, SharpLink plans to consider stock buybacks or alternative fundraising strategies, including equity-linked and convertible offerings. Chalom said the firm’s preferred metric is ETH per share, which has risen from 2.0 in June to 3.95, signaling stronger investor value.
Lubin emphasized that SharpLink will eventually transition from ETH accumulation to deploying Ethereum in new protocols, staking, and liquidity provision. With 836,710 ETH currently held, SharpLink is the second-largest corporate Ethereum holder, according to PRIME’s data. Its stock closed Thursday at $17.22, up 0.58%.
