Visa is currently in preliminary discussions to acquire Fireblocks, a provider of digital asset infrastructure and custody services. According to reports, the potential transaction is valued at approximately $2.5 billion. The companies have an existing partnership, as Fireblocks provides infrastructure for Visa's stablecoin card programs.
Fireblocks previously reached a valuation of $8 billion during its Series E funding round in 2022 and has raised over $1 billion in total capital. The firm serves more than 2,500 institutional clients and utilizes multi-party computation technology for wallet security. If the acquisition proceeds, Fireblocks is expected to continue operating independently.
Visa has been expanding its focus on stablecoins, including USDC settlement pilots that reached an annualized run rate exceeding $3.5 billion by late 2025. The company currently supports over 160 stablecoin-linked card programs. Acquiring Fireblocks would provide Visa with direct control over custody, wallet infrastructure, and transfer rails.
The proposed deal faces potential regulatory scrutiny regarding market concentration and asset custody. Additionally, the valuation of $2.5 billion is significantly lower than the company's 2022 peak, which may impact market expectations for other infrastructure startups. Some existing Fireblocks clients may also express concerns regarding the neutrality of the platform under new ownership.
