Deal Description: On June 2, 2025, Consensys Software Inc. (“Consensys”) announced the acquisition of Web3Auth, a premier provider of key management and embedded crypto wallet infrastructure for web3 applications. 

The acquisition will greatly improve user experience for MetaMask, Consensys’ software cryptocurrency wallet used to interact with the Ethereum blockchain. In particular, it will address one of the biggest risks in self-custody today: seed phrase management. It will also strengthen MetaMask’s position as a go-to solution for embedded wallet infrastructure for developers.

Consensys is the leading Ethereum software company, building the infrastructure, tools, and protocols that power the world’s largest decentralized ecosystem. 

Baker Botts represented Consensys in the transaction. The Firm has represented Consensys in several recent deals including the acquisitions of WalletGuard, Special Mechanisms Group, and HAL. Most recently, Baker Botts advised Consensys in a groundbreaking transaction for the crypto industry in which Consensys served as lead investor in a $425,000 PIPE to purchase equity in SharpLink Gaming, Inc. (NASDAQ: SBET). SharpLink will use the proceeds to adopt ETH, the native asset of the Ethereum blockchain, as its primary treasury reserve asset.

Consensys’ press release for the Web3Auth transaction can be found here and the Firm’s prior press release for the SharpLink transaction can be found here.

Baker Botts Lawyers/Offices Involved in the Web3Auth Transaction:

Corporate: Brendan Dignan (Partner, Washington, D.C.); Jenna Kabrich (Senior Associate, Austin); Tyler Kendler (Associate, Washington) 

Tax: Jordan Hahn (Partner, Dallas); Jon Lobb (Partner, Houston); Matt Larsen (Partner, Dallas)

Executive Compensation and Benefits: Jason Loden (Partner, Dallas); Gabriela Alvarez (Senior Associate, Houston)

Labor and Employment: Cynthia Washington (Special Counsel, Dallas)

Privacy and Cybersecurity: Michelle Molner (Senior Associate, Austin)

International Trade: Jason Wilcox (Special Counsel, Washington)

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.