Visa reportedly in $2.5 billion acquisition talks; Fireblocks quickly denies report
According to a report by Axios citing multiple anonymous sources, Visa is in late-stage acquisition talks with Fireblocks, with the deal valued at around $2.5 billion. If completed, it would be one of the larger corporate acquisitions in the cryptocurrency industry in recent years.
However, a Fireblocks spokesperson later told media outlets including CoinDesk, The Block, and Cointelegraph that the company had seen market speculation that Visa might acquire Fireblocks, but the reports came as a surprise. The spokesperson emphasized that no acquisition talks of the kind described in the reports are currently taking place.
A Visa spokesperson responded that the company does not comment on market rumors or speculation, and did not provide further details on whether the two parties had ever had any business dealings.
In addition, (CoinDesk) reported that rumors had circulated over the past three to four weeks that Fireblocks might be up for sale. Some anonymous sources even suggested that US cryptocurrency exchange Coinbase might be involved in an acquisition. Coinbase, however, also denied any involvement in a related transaction.
The parties’ public responses are currently inconsistent. (Axios)’s report relies primarily on anonymous sources, while Fireblocks has explicitly denied that acquisition talks are underway.
Fireblocks was once valued at $8 billion; potential deal price would represent a decline of nearly 69%
Another reason the news has drawn attention is the stark gap between Fireblocks’ historical valuation and the deal price reported by the media.
Founded in 2018, Fireblocks provides digital asset custody, wallet management, and transaction infrastructure to banks, cryptocurrency exchanges, asset managers, and payment providers. Its core technology includes multiparty computation (MPC), which helps businesses manage private keys and the risks associated with transferring digital assets.
In January 2022, Fireblocks completed a $550 million Series E funding round, valuing the company at $8 billion and making it a prominent unicorn in the cryptocurrency infrastructure sector.
Based on the reported deal value of $2.5 billion, that would be $5.5 billion below its 2022 valuation, a decline of approximately 68.75%.
However, the 2022 figure was the company’s valuation in a private equity funding round, while the $2.5 billion figure is an unconfirmed potential acquisition price. The two involve different transaction terms and market conditions, so it cannot be assumed that Fireblocks’ actual enterprise value has fallen by the same percentage.
Visa aggressively expands stablecoin payments, while Fireblocks brings custody and settlement technology
In recent years, Visa has continued to expand its blockchain and stablecoin payment businesses, gradually integrating related technologies into its existing financial services network.
In July this year, Visa launched the Visa Stablecoin Platform (VSP) to help financial institutions and fintech companies manage activities such as stablecoin issuance, transfers, and redemptions. In October, Visa Direct’s stablecoin prefunding service also began moving into commercial deployment.
Related news: Visa launches enterprise stablecoin platform! Initial support for OpenUSD, with security and internal controls as key selling points
According to data released by Visa in September, the annualized volume of its stablecoin settlements had surpassed $20 billion, growing more than 15-fold from the previous year.
Meanwhile, in September 2025, Fireblocks launched Fireblocks Network for Payments to help businesses make stablecoin payments, cross-border transfers, and fund settlements. At the time, the network had more than 40 participating service providers, including Circle, Bridge, Zerohash, and Yellow Card.
Related news: Fireblocks launches stablecoin network! Connecting Circle, Stripe, and banks to build a stablecoin version of SWIFT
From a business perspective, Fireblocks’ digital asset custody, wallet security, and stablecoin payment technologies are to some extent complementary to Visa’s expanding blockchain business. If the two companies were to integrate in the future, Visa could gain access to the technology and network of enterprise clients, reducing the cost of building some infrastructure itself.
However, business complementarity only indicates potential commercial value; it does not prove that the two parties have made any actual transaction arrangements.
Mastercard acquires BVNK as payment giants accelerate their push into the stablecoin market
Traditional payment providers have recently been actively investing in cryptocurrency infrastructure. Visa’s main competitor, Mastercard, completed its acquisition of stablecoin infrastructure company BVNK this August. The deal value previously announced by the two parties was up to $1.8 billion, including $300 million in contingent payments.
BVNK primarily provides stablecoin payment and cross-border money transfer services. Mastercard aims to expand its digital asset payment capabilities through the acquisition and integrate blockchain settlement technology into its existing financial services network. By contrast, Visa is currently expanding its stablecoin business mainly through in-house platforms, technology partnerships, and commercial service deployments.
In addition, Fireblocks has long provided infrastructure to various banks, exchanges, and payment institutions, some of which may compete with Visa. If a large payment network were to acquire the company, how to maintain the neutrality of the technology platform and the trust of its clients could also become important considerations in evaluating a deal.
Related news: Mastercard completes acquisition of BVNK! Accelerating its push into stablecoin payment infrastructure and connecting traditional finance with crypto assets
The article “Foreign media report that Visa will acquire crypto custody giant Fireblocks for $2.5 billion; company swiftly denies it” was first published by “Crypto City”