Multiple media outlets reported that Visa was in discussions to buy privately held Fireblocks, which provides custody, stablecoin settlement, and tokenisation infrastructure to banks and payment firms. Fireblocks has since responded, saying it was aware of the rumours but that they were ‘news to us, and not true at present time’. Visa has not commented, and no deal has been announced.
A valuation gap since 2022
The reported price would represent a steep discount to Fireblocks’ last publicly disclosed valuation. In January 2022, the company raised USD 550 million in a funding round led by D1 Capital Partners and Spark Capital. That round valued it at USD 8 billion and brought its total reported funding to approximately USD 1.04 billion. A USD 2.5 billion transaction would imply a valuation roughly 69% below that figure.
Fireblocks reported in September 2022 that its annual recurring revenue had exceeded USD 100 million. It has also grown through acquisitions. It bought digital wallet infrastructure provider Dynamic in 2025 and digital asset accounting and financial reporting company TRES Finance in 2026, with media reports putting the deal values at approximately USD 90 million and USD 130 million, respectively.
From custody to stablecoin settlement
The Israel-founded company initially focused on helping financial institutions secure and transfer cryptocurrencies such as Bitcoin. Its platform now spans digital wallet infrastructure, transaction security, and tools for moving funds across blockchain networks. It also covers stablecoin payments, digital asset settlement, and the tokenisation of real-world assets such as stocks and bonds.
The technology is built for institutions that need to manage blockchain transactions while keeping internal approval procedures and compliance controls in place. Its client base includes banks, cryptocurrency exchanges, fintech companies, and payment firms, with Visa among them.
Strategic fit for Visa
The two companies already work together as partners in Open Standard, a global initiative supporting stablecoin infrastructure. Analysts cited in the reports said an acquisition would give Visa institutional digital asset technology and strengthen its crypto operations. The reports come as Visa seeks to extend its global payments network to cover crypto and other digital assets.
A purchase of Fireblocks would give Visa established technology for helping financial institutions manage and transfer digital assets, rather than requiring it to build those capabilities entirely in-house. Visa shares have gained 19% over the past 12 months and were trading at USD 410.95 at the time of reporting.
