MetaMask Token Launch Confirmed
Ethereum co-founder and Consensys CEO Joseph Lubin has officially confirmed that MetaMask’s long-awaited native token, MASK, is coming soon. Speaking on The Crypto Beat podcast with The Block, Lubin said:
“The MASK token is coming — it may come sooner than you would expect right now.”
Lubin emphasized that the token launch is closely tied to decentralizing key aspects of the MetaMask platform, a move that aligns with Consensys’ broader mission to support Ethereum’s progressive decentralization.
MetaMask, the most widely used Ethereum wallet, has been at the center of speculation about a native token since at least 2021, when the idea of community ownership through a token was first floated by MetaMask engineer Erik Marks.
In-Wallet Token Access
MetaMask co-founder Dan Finlay previously stated that if a token launches, it will be promoted directly inside the wallet, giving users easy access and transparency. Lubin’s comments now signal that the plan is concrete — and potentially imminent.
Following Linea’s Token Launch
This announcement comes shortly after Consensys’ Ethereum Layer-2 network, Linea, launched its own native token, distributing more than 9.36 billion LINEA tokens to eligible users. Lubin explained that Consensys only took a modest 15% stake, with the rest allocated to support builders, liquidity, and incentivized usage, prioritizing community growth.
SharpLink Gaming’s mNAV Concerns
Lubin, who also serves as Chairman of Ethereum treasury company SharpLink Gaming, addressed concerns about the firm’s market net asset value (mNAV) ratio recently falling below 1. SharpLink’s mNAV currently sits at 0.80x, meaning the market values the company at a discount compared to its ETH holdings.
Lubin downplayed fears of a “death spiral,” noting that crypto market cycles are temporary:
“When we see the price of ether surge, we see that reflected in SharpLink … We’re going to see animal spirits back in the market.”
SharpLink CEO Joseph Chalom added that the decline is a “temporary dislocation” and highlighted the benefits of holding ETH through a public company vehicle that offers staking rewards of over 3% annual yield.
Future of ETH Treasury Management
If mNAV remains below 1, Chalom said SharpLink will consider buybacks and explore equity-linked offerings to raise capital without shareholder dilution. The company is prioritizing ETH per share as its key metric, which has nearly doubled from 2.0 in June to 3.95 — a strong sign for long-term investors.
Lubin hinted at SharpLink’s future plans:
“We may borrow against [our ETH] at some point when it’s a giant pile of high-powered money. We’ll be staking it, bringing liquidity to new and exciting protocols.”
According to The Block, SharpLink is currently the second-largest corporate holder of Ethereum, with about 836,710 ETH in its treasury. Its stock closed at $17.22 on Thursday, up 0.58%.
