Fireblocks denies report of $2.5 billion acquisition talks with Visa

Visa is in late-stage talks to acquire crypto custody and stablecoin infrastructure firm Fireblocks for around $2.5 billion, according to an Axios report on Thursday, citing multiple sources.

No deal has been announced. Visa and Fireblocks did not immediately return The Block's request for comment.

Fireblocks was last publicly valued at $8 billion in January 2022, when it raised $550 million in a Series E funding round. Founded in 2018, Fireblocks provides institutional crypto custody and infrastructure for digital assets. It launched a stablecoin payments network in September 2025, with more than 40 participants, including Circle, Bridge, Zerohash, and Yellow Card.

At $2.5 billion, the proposed transaction would rank among the largest acquisitions in crypto industry history, below Coinbase's $2.9 billion purchase of derivatives exchange Deribit in 2025 and Naver Financial's pending all-stock deal to acquire Upbit parent Dunamu for around $10.3 billion.

Visa's stablecoin expansion

Visa has been expanding its own stablecoin business in recent months. In August, it partnered with Zerohash to support stablecoin funding and payouts through Visa Direct. The company subsequently reported that its stablecoin settlement volume had surpassed a $20 billion annualized run rate, more than 15 times the level a year earlier.

Visa rival Mastercard completed its acquisition of BVNK in August. The fellow payments giant had agreed to buy the stablecoin infrastructure provider in March for up to $1.8 billion, including $300 million in contingent payments.