Fireblocks has denied reports that Visa is in late-stage talks to acquire the crypto custody firm for about $2.5 billion.
“We are aware of the rumors about a possible acquisition of Fireblocks by Visa. This is news to us, and not true at present time. We don’t comment on rumors or speculation,” Fireblocks told The Block.
Axios Pro published that report earlier in the day, citing “multiple sources.”
Fireblocks Moves Into Card Payments
Fireblocks sells the software that banks, exchanges and fintechs use to hold and move digital assets. It handles more than $300 billion in stablecoin volume a month on average.
The platform raised $550 million in a Series E round at an $8 billion valuation in January 2022. It said at the time that its customer count had grown from 150 to more than 800 during 2021. Its website now lists 2,500 enterprise customers, including Revolut and ABN AMRO.
In October 2025, Fireblocks acquired Dynamic, a wallet developer platform that powers more than 50 million onchain accounts. In June this year, Fireblocks launched Flow, a product that lets payment providers and fintechs accept stablecoins.
Euronet, a payments firm, began working with Fireblocks in October 2025 on settlement and pre-funding for its cross-border business. On Monday, Euronet said banks and fintechs can now issue stablecoin-funded cards on its Ren and CoreCard platforms. Fireblocks embedded wallets hold the stablecoin balances those cards spend from. Each cardholder gets a wallet at sign-up. Fiat deposits convert to stablecoins before they are credited.
Mastercard Bought Visa-Backed BVNK
Visa’s venture arm, Visa Ventures, invested in UK-based payments company BVNK in May 2025. Coinbase then ended talks to buy BVNK in a $2 billion deal in November 2025. In January, the company picked BVNK to supply stablecoin infrastructure for its Visa Direct payout pilots.
Two months later, Mastercard agreed to acquire BVNK for up to $1.8 billion, including $300 million in contingent payments. Mastercard completed the purchase on August 3.
In September, Visa said its stablecoin settlement volume had passed a $20 billion annualized run rate. That run rate is up more than 15 times from a year earlier. The company also counts more than 160 stablecoin-linked card programs on its network.
Visa invested in stablecoin firm BVNK in 2025 and tapped it for Visa Direct payouts in January, before Mastercard bought it for up to $1.8 billion.
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