But despite its high profile partnerships and recent product momentum, ConsenSys’s financial situation represents something of a black box—especially at a time when other crypto companies, notably Coinbase, are publicly revealing details of their balance sheets ahead of going public. Coinbase saw profit of approximately $730 million to $800 million on revenue of $1.8 billion in Q1.

Lubin says ConsenSys is poised to double its revenue in 2021 to a relatively modest $60 million. A good portion of this revenue currently comes from MetaMask, which charges service fees of 0.875% on token swaps, and has earned almost $17 million on more than 2 billion in cumulative swap volume. Lubin envisions a series of future revenue streams composed of per-transaction service fees like what MetaMask generates, as well as licensing deals for enterprise software products.

For now, the valuation of ConsenSys is opaque, in part because the new $65 million investment came in the form of convertible notes, which allow the investors to convert their capital into equity only in certain circumstances. Lubin says that ConsenSys will likely receive a formal valuation in the next 12 months.

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There’s another unusual feature of the recent investment round: a portion of it came in the form of Ethereum-based stablecoins DAI and USDC. These will be just the latest digital tokens added to ConsenSys’s balance sheet—tokens that amount to a wild card in assessing what ConsenSys is worth.

According to Lubin, the company’s token holdings are very significant, though he didn’t elaborate further. In many cases, ConsenSys acquired tokens as a result of backing crypto startups. Lubin acknowledged that not all of the projects for which ConsenSys holds tokens are of equal value, but said the company holds more than 100 different types of tokens.

At least a portion of those are in blue-chip crypto projects like Ethereum and Filecoin—meaning ConsenSys could very well be holding tens of billions of dollars on its balance sheet.

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