On the 22nd, leading cryptocurrency custodian Fireblocks denied reports that U.S. payment giant Visa is in talks to acquire the company for approximately $2.5 billion.
The acquisition of Fireblocks was reported by U.S. media outlet Axios on the same day. Axios cited multiple sources, claiming that Visa is in the final stages of negotiations to acquire Fireblocks.
In response, a Fireblocks spokesperson commented to multiple media outlets, including The Block, stating, "We are aware of the rumors regarding a potential acquisition by Visa. This is news to us, and it is not true at this time." Meanwhile, a Visa spokesperson stated, "We do not comment on rumors or speculation," avoiding any reference to the report's content.
Founded in 2018, Fireblocks provides digital asset custody and transfer infrastructure for financial institutions, cryptocurrency exchanges, and payment companies. In January 2022, the company raised $550 million in a Series E round, reaching a valuation of $8 billion. The reported $2.5 billion figure represents a valuation approximately 70% lower than this previous valuation.
In recent years, major payment companies have been increasingly entering the stablecoin sector. Competitor Mastercard completed its acquisition of BVNK, a stablecoin payment infrastructure provider, in August this year.
In September, Visa revealed that its stablecoin transaction volume exceeded $20 billion on an annualized basis, expanding more than 15 times compared to the previous year. In August, Visa partnered with Zerohash to enhance its "Visa Direct" service by adding stablecoin deposit and payment functionalities, indicating a strengthening of its initiatives.
Meanwhile, in September 2025, Fireblocks launched the "Fireblocks Network for Payments," a stablecoin payment network with participation from over 40 companies, including Circle.
Until now, Visa has focused its efforts in the stablecoin sector on investments in UK-based BVNK and partnerships with other companies. If the current reports were true, it would signify Visa's increased commitment to the stablecoin and custody sectors. However, with Fireblocks' denial, the actual status of the negotiations remains unclear.
Reference: Axios, The Block
Image: ShutterStock
