Visa reportedly weighs $2.5 billion Fireblocks purchase
VC & Fundraising ·
Axios reports Visa is in late-stage discussions to buy crypto custody and blockchain infrastructure provider Fireblocks at a price far under the company's prior valuation, a claim Fireblocks has since disputed.
According to a report relayed by The Block, Visa is negotiating to acquire Fireblocks for roughly $2.5 billion. That figure sits well below the $8 billion valuation Fireblocks had last reported, suggesting a steep markdown if the deal materializes on the terms described.
Fireblocks provides custody and blockchain infrastructure services, including stablecoin-related tooling, areas that have drawn increasing interest from payments companies. The talks were described as being in a late stage, though no final agreement or price has been confirmed publicly by either party.
Multiple accounts of the discussions have circulated, with WuBlockchain also noting the approximately $2.5 billion figure tied to the talks. In total, nine distinct sources have covered elements of this cluster, pointing to broad pickup of the Axios report even as the underlying details remain unverified by the companies involved.
Fireblocks has pushed back directly, denying the reports of a $2.5 billion acquisition by Visa and calling the claims inaccurate. That denial complicates the picture: it is now unclear whether talks are ongoing at a different valuation, have stalled, or were mischaracterized in the initial reporting. The episode follows Mastercard's acquisition of stablecoin firm BVNK, part of a broader pattern of card networks moving to absorb crypto infrastructure and custody capability, a trend also touched on in coverage of stablecoin payments.
What remains unresolved is whether Visa and Fireblocks are still in active negotiation, what valuation either side might ultimately accept, and whether a transaction will be formally announced. Given Fireblocks' denial, the next developments to watch are any on-record statements from Visa, a revised valuation figure, or confirmation that talks have ended without a deal.