diff --git a/packages/core/package.json b/packages/core/package.json
index 6f773b5a1..eb0a78cae 100644
--- a/packages/core/package.json
+++ b/packages/core/package.json
@@ -36,6 +36,7 @@
     "fs-extra": "^11.1.1",
     "glob": "^10.3.10",
     "gradient-string": "^2.0.2",
+    "progress": "^2.0.3",
     "tsup": "^7.2.0",
     "unzipper": "^0.10.14",
     "zod": "^3.22.4"
@@ -45,6 +46,7 @@
     "@types/fs-extra": "^11.0.2",
     "@types/gradient-string": "^1.1.4",
     "@types/node": "^20.8.0",
+    "@types/progress": "^2.0.7",
     "@types/unzipper": "^0.10.7",
     "@vitest/coverage-v8": "1.0.0-beta.0",
     "archiver": "^6.0.1",
diff --git a/packages/core/src/downloadFile.ts b/packages/core/src/downloadFile.ts
index ce6645040..c2d71e6c5 100644
--- a/packages/core/src/downloadFile.ts
+++ b/packages/core/src/downloadFile.ts
@@ -1,6 +1,7 @@
 import path from 'node:path'
 import axios from 'axios'
 import fs from 'fs-extra'
+import { onDownloadProgress } from './utils/onDownloadProgress'
 
 type DownloaderOptions = {
   url: string
@@ -34,7 +35,8 @@ export async function downloadFile(options: DownloaderOptions) {
 
     axios
       .get(url, {
-        responseType: 'stream'
+        responseType: 'stream',
+        onDownloadProgress: onDownloadProgress(url, fileName)
       })
       .then((response) => {
         const writer = fs.createWriteStream(filePath)
diff --git a/packages/core/src/utils/bytesToMegabytes.ts b/packages/core/src/utils/bytesToMegabytes.ts
new file mode 100644
index 000000000..a4bb1682a
--- /dev/null
+++ b/packages/core/src/utils/bytesToMegabytes.ts
@@ -0,0 +1,4 @@
+export function bytesToMegabytes(bytes: number) {
+  const megabytes = bytes / 1024 / 1024
+  return Math.round(megabytes * 10) / 10
+}
diff --git a/packages/core/src/utils/onDownloadProgress.ts b/packages/core/src/utils/onDownloadProgress.ts
new file mode 100644
index 000000000..1b78442d1
--- /dev/null
+++ b/packages/core/src/utils/onDownloadProgress.ts
@@ -0,0 +1,40 @@
+import type { AxiosProgressEvent } from 'axios'
+import ProgressBar from 'progress'
+import { bytesToMegabytes } from './bytesToMegabytes'
+
+export function onDownloadProgress(url: string, fileName: string) {
+  let progressBar: ProgressBar
+  let lastDownloadedBytes = 0
+
+  return ({ loaded: downloadedBytes, total: totalDownloadBytes }: AxiosProgressEvent) => {
+    if (!totalDownloadBytes) {
+      throw new Error(
+        `[DownloadFile] Request returned total download bytes as 0. This should never happen, and it means that the target file is empty. URL: ${url}`
+      )
+    }
+
+    if (!progressBar) {
+      progressBar = getDownloadProgressBar(url, fileName, totalDownloadBytes)
+    } else {
+      const delta = downloadedBytes - lastDownloadedBytes
+      lastDownloadedBytes = downloadedBytes
+      progressBar.tick(delta)
+    }
+  }
+}
+
+function getDownloadProgressBar(url: string, fileName: string, totalBytes: number) {
+  // TODO: This header should be based on the wallet config.
+  const barHeader = url.startsWith('https://github.com/MetaMask/metamask-extension/releases/download/')
+    ? '🦊 MetaMask'
+    : fileName
+
+  const downloadSize = `${bytesToMegabytes(totalBytes)} MB`
+
+  return new ProgressBar(`${barHeader} (${downloadSize}) [:bar] :percent :etas`, {
+    width: 20,
+    complete: '=',
+    incomplete: ' ',
+    total: totalBytes
+  })
+}
diff --git a/packages/core/test/downloadFile.test.ts b/packages/core/test/downloadFile.test.ts
index 0d42eefdc..ff30149ea 100644
--- a/packages/core/test/downloadFile.test.ts
+++ b/packages/core/test/downloadFile.test.ts
@@ -14,7 +14,11 @@ const MOCK_URL = `https://example.com/${FILE_NAME}`
 
 const server = setupServer(
   http.get(MOCK_URL, () => {
-    return HttpResponse.text(FILE_CONTENT)
+    return HttpResponse.text(FILE_CONTENT, {
+      headers: {
+        'Content-Length': new Blob([FILE_CONTENT]).size.toString()
+      }
+    })
   })
 )
 
@@ -55,7 +59,8 @@ describe('downloadFile', () => {
 
     expect(axiosGetSpy).toHaveBeenCalledOnce()
     expect(axiosGetSpy).toHaveBeenCalledWith(MOCK_URL, {
-      responseType: 'stream'
+      responseType: 'stream',
+      onDownloadProgress: expect.any(Function)
     })
   })
 
diff --git a/packages/core/test/utils/bytesToMegabytes.test.ts b/packages/core/test/utils/bytesToMegabytes.test.ts
new file mode 100644
index 000000000..5881c293a
--- /dev/null
+++ b/packages/core/test/utils/bytesToMegabytes.test.ts
@@ -0,0 +1,10 @@
+import { describe, expect, it } from 'vitest'
+import { bytesToMegabytes } from '../../src/utils/bytesToMegabytes'
+
+describe('bytesToMegabytes', () => {
+  it('converts bytes to megabytes and rounds the result', async () => {
+    const result = bytesToMegabytes(21_260_893)
+
+    expect(result).to.equal(20.3)
+  })
+})
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index ab9e5df6f..96e4a3866 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -87,6 +87,9 @@ importers:
       playwright-core:
         specifier: 1.40.0
         version: 1.40.0
+      progress:
+        specifier: ^2.0.3
+        version: 2.0.3
       tsup:
         specifier: ^7.2.0
         version: 7.2.0(typescript@5.2.2)
@@ -109,6 +112,9 @@ importers:
       '@types/node':
         specifier: ^20.8.0
         version: 20.8.0
+      '@types/progress':
+        specifier: ^2.0.7
+        version: 2.0.7
       '@types/unzipper':
         specifier: ^0.10.7
         version: 0.10.7
@@ -1255,6 +1261,12 @@ packages:
     resolution: {integrity: sha512-37i+OaWTh9qeK4LSHPsyRC7NahnGotNuZvjLSgcPzblpHB3rrCJxAOgI5gCdKm7coonsaX1Of0ILiTcnZjbfxA==}
     dev: true
 
+  /@types/progress@2.0.7:
+    resolution: {integrity: sha512-iadjw02vte8qWx7U0YM++EybBha2CQLPGu9iJ97whVgJUT5Zq9MjAPYUnbfRI2Kpehimf1QjFJYxD0t8nqzu5w==}
+    dependencies:
+      '@types/node': 20.10.2
+    dev: true
+
   /@types/readdir-glob@1.1.2:
     resolution: {integrity: sha512-vwAYrNN/8yhp/FJRU6HUSD0yk6xfoOS8HrZa8ZL7j+X8hJpaC1hTcAiXX2IxaAkkvrz9mLyoEhYZTE3cEYvA9Q==}
     dependencies:
@@ -3849,6 +3861,11 @@ packages:
   /process-nextick-args@2.0.1:
     resolution: {integrity: sha512-3ouUOpQhtgrbOa17J7+uxOTpITYWaGP7/AhoR3+A+/1e9skrzelGi/dXzEYyvbxubEF6Wn2ypscTKiKJFFn1ag==}
 
+  /progress@2.0.3:
+    resolution: {integrity: sha512-7PiHtLll5LdnKIMw100I+8xJXR5gW2QwWYkT6iJva0bXitZKa/XMrSbdmg3r2Xnaidz9Qumd0VPaMrZlF9V9sA==}
+    engines: {node: '>=0.4.0'}
+    dev: false
+
   /proxy-from-env@1.1.0:
     resolution: {integrity: sha512-D+zkORCbA9f1tdWRK0RaCR3GPv50cMxcrz4X8k5LTSUD1Dkw47mKJEZQNunItRTkWwgtaUSo1RVFRIG9ZXiFYg==}
     dev: false