Axios reported today that Visa is in late stage talks to acquire Fireblocks, the crypto and tokenization infrastructure firm, for approximately $2.5 billion. Fireblocks denied the report, telling The Block the talks were “news to us, and not true at present time.” Visa declined to comment. Separately, CoinDesk reported that chatter about a potential sale has been circulating for several weeks, with Coinbase also in the frame as a possible buyer.
The reported $2.5 billion price looks low for a company that raised $1 billion in funding, including a $550 million round at an $8 billion valuation in January 2022. In March this year, rival Mastercard agreed to buy BVNK, a far younger stablecoin payments startup, for up to $1.8 billion including $300 million in contingent payments. That deal closed in August. BVNK was founded in 2021 and was valued at $750 million at its Series B in 2024. Fireblocks, founded in 2018, is a significantly more mature business with a broader product suite, deeper institutional relationships and, according to the company, more than 100 banking clients.
Visa is not only a potential acquirer. According to Fireblocks, it is already a client. And Visa’s former CFO Vasant Prabhu joined the Fireblocks advisory board in early 2025, suggesting the relationship predates any deal talks.
Both Visa and Mastercard have spent years trying to pull their bank networks into the digital asset space with limited results. Visa launched the Visa Tokenized Asset Platform (VTAP) in 2024 to help banks issue stablecoins and tokenized deposits, with BBVA as the most prominent participant. Mastercard launched its Multi Token Network (MTN) with similar aims. Neither appears to have gained meaningful traction among banks.
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