- Crypto custody firm Fireblocks dismissed an Axios report that it is in late-stage talks to be acquired by Visa for $2.5 billion. “This is news to us, and not true at present time,” a spokesperson said.
- A $2.5 billion price would mark a steep drop from 2022, when Fireblocks raised $550 million at an $8 billion valuation. The gap shows how far private crypto valuations have reset since the last cycle’s peak.
- Speculation about a sale has circulated for three or four weeks, with anonymous sources telling CoinDesk that Coinbase was also in the frame. Coinbase denied it was involved in a possible transaction, and Visa did not respond to requests for comment.
- Fireblocks specializes in crypto custody using multi-party computation, a technology that splits private keys into shards. That infrastructure is the kind of capability payment networks and exchanges need as they expand into digital assets.
What Happened?
Axios, citing multiple unidentified sources, reported that Fireblocks was in late-stage talks with Visa, CoinDesk reported. Fireblocks responded soon after, saying it was aware of the rumors but that the report was not true at the present time. CoinDesk had previously heard from anonymous sources that Coinbase was a possible buyer, which Coinbase denied after the story was published. Visa did not comment.
Why It Matters?
The careful wording of the denial, “not true at present time,” leaves room for future talks, which keeps the story alive for investors in Visa and Coinbase. A deal would give Visa its own institutional crypto custody technology, a notable step for a card network. For the crypto industry, the reported price is a reminder that infrastructure companies valued at peak-cycle levels may have to accept far lower prices in a sale. Consolidation among custody providers could accelerate if strategic buyers see an opening.
What’s Next?
Watch for any confirmation or new reporting on talks between Fireblocks and Visa or other strategic buyers. A transaction near the reported price would set a benchmark for other private crypto infrastructure firms. Coinbase’s denial narrows the field of named bidders, but CoinDesk’s reporting suggests a sale process may be underway. Any comment from Visa would be the clearest signal of its digital asset ambitions.
Affected Tickers and Coins: V, COIN, BTC
Source: CoinDesk
