Fireblocks buys crypto accounting platform TRES to become the 'first complete operating system' onchain

Blockchain infrastructure firm Fireblocks has acquired TRES Finance, an onchain accounting platform, marking at least its fourth acquisition overall as the firm looks to become the dominant way institutions store, transfer, and manage onchain assets.

"As the business opportunities continue to grow, new operational demands are surfacing," Fireblocks CEO Michael Shaulov said in a statement. "Businesses successful in expanding their revenues and use cases on the blockchain now need audit-ready, tax-compliant financial records for their financial operations."

The TRES deal was reportedly valued at $130 million, including cash and equity, according to Fortune. Founded in 2022, the startup last raised $11 million in late 2023 at an unknown valuation.

TRES offers a suite of accounting and reporting tools for onchain activity. More than 230 firms, including leading wallets like Phantom and analytics firms like Dune, rely on its software “to deliver compliant, audit-ready financial records.” 

"Together, we now complete the first complete operating system for digital assets," TRES wrote in a Wednesday X post. 

In addition to its non-custodial Multi-Party Computation wallet technology, Fireblocks offers a global network to secure transfers between counterparties, such as exchanges and banks, and a configurable policy engine for automated governance, compliance rules, and risk controls. Fireblocks claims to serve thousands of crypto customers.

Buildouts and buyouts

Shaulov pitched the acquisition as powering Fireblocks’ next phase of growth, as the crypto industry continues to mature and compliance responsibilities intensify.  

"Whether under MiCA in the EU, the GENIUS Act in the US, or elsewhere across the globe, crypto-native and traditional finance need financial records that meet the standards set out in local regulations," Shaulov said. "As companies prepare for public market entry or integrate crypto into traditional accounting systems, regulations mandate accurate reconciliation, audit-ready reporting, and full tax compliance."

Fireblocks acquired its first company, First Digital Assets Group, in 2022, the same year it raised $550 million in a Series E funding round at an $8 billion valuation. It also acquired a tokenization specialist BlockFold in 2023 and the “top-of-the-funnel” wallet Dynamic in late 2024.