Visa in talks to buy Fireblocks for US$2.5 billion, report says; crypto firm denies it

Visa, one of the world's largest payments companies, is reportedly in talks to acquire Fireblocks, a company specialising in cryptocurrency custody and stablecoin infrastructure, for approximately US$2.5 billion. The information was published on Thursday (22) by Axios, but the digital asset company denied being involved in talks of this kind.

According to Axios, which cited sources familiar with the matter, the discussions are at an advanced stage. If finalised, the deal would rank among the largest acquisitions in the history of the cryptocurrency market and would extend Visa's presence in the infrastructure used by banks and companies to move digital assets.

Fireblocks, however, said the report does not reflect its current situation. "We are aware of the rumours about a possible acquisition of Fireblocks by Visa. This is news to us and is not true at this time," the company said.

Visa, for its part, neither confirmed nor denied that talks were taking place. A spokesperson told The Block that the company does not comment on rumours or speculation.

Founded in 2018, Fireblocks develops technology for financial institutions and companies that need to store, transfer and manage cryptocurrencies securely.

Unlike a traditional exchange, which offers buying and selling services for digital assets directly to investors, Fireblocks provides infrastructure used by other companies.

Its products include institutional custody systems, digital wallets, tools for moving assets on blockchain networks, and stablecoin payment solutions.

These services allow, for example, a bank to offer cryptocurrency operations without having to develop in-house all the technology needed to store and transfer the assets.

The company has also expanded its presence in the stablecoin market — cryptocurrencies that track the value of traditional currencies, mainly the dollar.

In September 2025, Fireblocks launched a stablecoin payments network bringing together more than 40 participants, including Circle, Bridge, Zerohash and Yellow Card.

The initiative aims to connect banks, fintechs and payments companies, enabling international transfers across different blockchains.

The figure mentioned for the possible acquisition also stands out as a significant reduction compared with Fireblocks' last public valuation. In January 2022, the company raised US$550 million in a funding round that valued it at US$8 billion.

A sale at US$2.5 billion would represent a valuation roughly 69% lower than that recorded at the time.

However, since the talks have not been confirmed and Fireblocks has denied the report, it is not possible to say that this would be a valuation accepted by the company.

Visa expands its stablecoin bet, tracking Mastercard's progress

News of the possible acquisition comes at a time of expansion for Visa in the cryptocurrency market, particularly in solutions that use stablecoins to move money.

In recent months, the company has announced initiatives allowing financial institutions to use these digital currencies for international payments, settlement of transactions and transfers between businesses.

Last week, Visa said it had begun commercially offering a cross-border payments funding solution using USDC, the stablecoin issued by Circle.

The technology is part of Visa Direct and allows eligible companies to use USDC to make funds available for international payments, rather than relying solely on the operating hours of the traditional banking system.

The first company to use the solution commercially was Inyo Global, a financial infrastructure provider serving fintechs, banks and payments companies.

The aim is to make it easier to move money between countries, allowing certain transactions to be funded in near real time, including outside banking hours.

The progress also shows up in figures released by Visa. According to data published in early October, the company already supports more than 160 card programmes linked to stablecoins, used by consumers and businesses.

Payment volume from these programmes grew by almost 200% compared with the previous year.

Visa also said that approximately 17% of the volume processed through these cards during the 2026 fiscal year, up to the date of the survey, was related to business and commercial programmes.

Another front involves the use of stablecoins to settle transactions between financial institutions.

In September, Visa and the British bank Lloyds completed a trial in which US$750,000 were transferred via stablecoins to settle payment obligations. According to the companies, the funds reached Visa in under an hour, including over a weekend.

The expansion comes amid competition with Mastercard, which has also been investing in digital asset infrastructure.

In August, Mastercard completed its acquisition of BVNK, a company specialising in stablecoin payments. The deal had been announced in March for up to US$1.8 billion, including payments contingent on meeting performance targets.

The purchase strengthened Mastercard's position in a segment that is beginning to attract major financial institutions interested in using blockchain to move money.

Against this backdrop, a possible acquisition of Fireblocks could allow Visa to bring custody, digital wallet and cryptocurrency transfer technologies directly in-house.

Rather than relying solely on external partners, the company would come to control a platform used by financial institutions to handle digital assets.

The move could expand its capacity to offer services involving stablecoins, international payments, and integration between blockchains and the traditional financial system.

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