Axios reported, citing multiple sources, that Visa is in late-stage talks to buy the crypto custody firm. Fireblocks called the report "not true at present time," and Visa declined to comment.
Visa is in late-stage talks to acquire Fireblocks, a stablecoin infrastructure and custody company, for about $2.5 billion, Axios Pro reported on Thursday, citing multiple sources.
Fireblocks disputed it. "We are aware of the rumors about a possible acquisition of Fireblocks by Visa," a spokesperson said. "This is news to us, and not true at present time." Visa declined to comment.
The valuation gap
If a deal at that price were to happen, the number would be striking on its own. Fireblocks raised $550 million at an $8 billion valuation in 2022. A $2.5 billion sale would be about 69% below that mark, a markdown of $5.5 billion.
It would give a strategic buyer access to crypto infrastructure at a fraction of what venture investors paid four years ago.
Reading the denial
The wording of Fireblocks' statement leaves room. "Not true at present time" denies that a deal is in place now. It does not rule out past discussions or future ones.
Why a card network would want it
A card network buying a major custody and stablecoin-infrastructure provider would be a strong signal about where payments are heading. The timing is notable: the Office of the Comptroller of the Currency finalized a rule this week implementing the GENIUS Act, the stablecoin law that takes effect on Jan. 18, 2027. Companies that want to move dollars on blockchains will need custody, wallet infrastructure and compliance tools, which is what Fireblocks sells.
Where this leaves it
One possibility is that talks are real and the denial is tactical. The other is that the report is premature. If the reported price is accurate, it shows how far valuations in crypto infrastructure have reset.
What to watch
Any confirmation from Visa or Fireblocks, and whether other payment companies move to buy crypto infrastructure ahead of the GENIUS Act's effective date.