Consensys, the company behind the popular crypto wallet MetaMask, is considering cutting about 7% of its workforce as it refocuses priorities and reallocates resources following the acquisition of Web3Auth, according to a new report. The anticipated layoff would affect 49 employees.

Consensys intends to retain employees from its newly acquired software company while adding more roles.

The restructuring follows Consensys’ previous round of layoffs in October 2024, when the company cut 20% of its workforce, equivalent to 160 roles, citing macroeconomic pressures and ongoing legal battles with the SEC. At the time, Consensys said it was pivoting toward a more decentralized model to reduce regulatory exposure.

Earlier this year, the SEC dropped its investigation into the company. The dismissal, made through a joint stipulation, officially ended the civil enforcement case filed in mid-2024.

Consensys CEO Joe Lubin, one of Ethereum’s co-founders, recently helped launch SharpLink Gaming, where he serves as chairman of the board.

The publicly traded company has aggressively accumulated the second-largest crypto assets. It is now the world’s largest corporate holder of Ethereum, holding 360,807 units.