Fireblocks has denied reports that Visa is in late-stage negotiations to acquire the institutional crypto custody and stablecoin infrastructure firm for approximately $2.5 billion. The company stated it was unaware of any such discussions, calling the rumors "not true at present time." This denial follows an Axios report citing multiple sources that suggested the two parties were close to a deal, which would have marked Visa’s first acquisition in the stablecoin sector.
The proposed valuation represents a significant decrease from Fireblocks’ $8 billion peak valuation in January 2022, when it raised $550 million in a Series E round. Founded in 2018 by Israeli cybersecurity veterans Michael Shaulov, Pavel Berengoltz, and Idan Ofrat, Fireblocks provides digital asset management solutions for banks, exchanges, and fintechs. Its client roster includes BNY Mellon, Worldpay, Revolut, and Galaxy, with the company claiming to secure trillions of dollars in transfers across more than 150 blockchains.
The speculation emerged amid broader consolidation efforts by payment incumbents in the crypto space during 2026. Mastercard recently completed its acquisition of BVNK for up to $1.8 billion after earlier talks with Zerohash failed. Meanwhile, Visa has actively partnered with Zerohash to integrate stablecoin funding into Visa Direct and reported that its stablecoin settlement volume exceeded a $20 billion annualized run rate in September. Both card networks are also part of a coalition supporting Open USD, a dollar stablecoin initiative aimed at competing with Tether and Circle.
Fireblocks’ explicit denial underscores the volatility of M&A expectations within the crypto infrastructure sector, where valuations can swing dramatically based on market cycles rather than fundamental operational changes. The gap between the rumored $2.5 billion offer and the previous $8 billion peak highlights how quickly investor sentiment can reprice assets in this niche, particularly as venture capital enthusiasm cools relative to the 2022 highs. For Visa, the potential acquisition would have signaled a decisive move toward owning critical plumbing rather than merely partnering with providers, reflecting a strategic urgency to control stablecoin rails amidst rising transaction volumes.
The broader context of payment giants acquiring or courting crypto firms suggests a structural shift where traditional financial institutions prefer buying established technology over building it internally. With Mastercard closing the BVNK deal and Visa expanding partnerships with Zerohash, the competitive landscape is tightening around who controls the interface between fiat and digital assets. If these acquisitions continue, independent custodians like Fireblocks may face pressure to either merge with larger entities or differentiate through specialized services, such as the AI agent settlement tools they recently launched, to maintain relevance in a consolidating market.
