Fireblocks Visa acquisition talks: firm denies $2.5B Axios report

Key takeaways

• Axios reported on Oct. 22, 2026, citing multiple unnamed sources, that Visa was in late-stage talks to acquire Fireblocks, a crypto custody and stablecoin infrastructure firm, for about $2.5 billion.
• Fireblocks denied the report within hours. A spokesperson called the rumors "news to us, and not true at present time," according to CoinDesk and The Block.
• Visa has not confirmed or denied the report. The Block quoted a Visa spokesperson saying the company does not "comment on rumors or speculation," and CoinDesk said Visa did not respond to its request.
• Coinbase, which anonymous sources had earlier named as another possible buyer, also denied any involvement, CoinDesk reported.
• No deal has been announced. The reported price would sit far below the $8 billion valuation Fireblocks reached in its January 2022 funding round.

Fireblocks denies Visa acquisition talks: what was reported

The Fireblocks Visa acquisition talks reported by Axios on Oct. 22 are "news to us, and not true at present time," a Fireblocks spokesperson said, according to CoinDesk and The Block. Axios had put the price at about $2.5 billion.

The Axios report did not describe a signed agreement, a timeline for closing, or how a deal would be paid for. CoinDesk added that talk of a possible sale of Fireblocks had been circulating for about three to four weeks before the Axios story, and that its own anonymous sources had earlier named Coinbase as a possible buyer.

The details of any talks cannot be checked independently. Neither company has filed or published anything about a transaction, and the only on-the-record statements so far are the ones below.

What each company has said on the record

The gap between the anonymous report and the public statements is the core of this story. The table below sets out who said what, and where it was reported.

The wording of the Fireblocks denial matters. "Not true at present time" rejects the report as it stands today, but it is not a statement that Fireblocks would never consider a sale. Readers should treat the deal as unconfirmed: one outlet reports talks, the target company denies them, and the would-be buyer is not commenting.

Who is Fireblocks?

Fireblocks, founded in 2018, sells infrastructure that lets banks, exchanges, fintech firms and other institutions store, move and settle digital assets. Its custody technology relies on multi-party computation (MPC), which splits control of a private key among several parties so that no single device or person holds the whole key. That approach is a different model from the self-custody practices individual users follow, which we covered in our guide on how to secure a crypto wallet seed phrase.

The company has also moved into payments. In September 2025 it launched the Fireblocks Network for Payments, which The Block reported started with more than 40 participants, including Circle, Bridge, Zerohash and Yellow Card. The network is meant to let payment companies, stablecoin issuers and banks send stablecoin payments to one another.

Valuation history

If a deal near $2.5 billion did happen, it would value Fireblocks at less than a third of its 2022 private valuation. That drop would match a wider trend in which many crypto companies valued at the 2021–2022 peak have since been repriced. It would not necessarily say anything about Fireblocks' current revenue, which the company does not publish.

Why card networks want stablecoin infrastructure

Even unconfirmed, the report fits a clear pattern: the two largest card networks are building or buying their way into stablecoin payments. Stablecoins are tokens pegged to a currency such as the U.S. dollar, and they can settle around the clock on public blockchains. That makes them attractive for cross-border transfers, business payouts and settlement outside banking hours, all areas where Visa and Mastercard already earn fees.

Visa's own stablecoin numbers

In a Sept. 8, 2026 press release, Visa said its stablecoin settlement volume had passed an annualized run rate of more than $20 billion, up more than 15 times from a year earlier. Visa also said more than 160 stablecoin-linked card programs run on its network, with payment volume on those programs growing nearly 200% year over year. In August, Visa expanded Visa Direct so eligible clients can prefund accounts and send payouts in stablecoins through a collaboration with Zerohash, according to The Block and Decrypt.

So far, Visa has mostly used partners for this work. A firm like Fireblocks, whose software already sits inside many exchanges and payment companies, would bring custody, wallet and settlement technology in-house. That explains why the rumor was taken seriously, but it is not evidence that talks took place.

Mastercard has already bought a stablecoin firm

Mastercard completed its acquisition of BVNK, a stablecoin payments infrastructure company, on Aug. 3, 2026, the company said in an investor release. The deal was announced in March for up to $1.8 billion, including contingent payments, according to The Block. Mastercard's chief product officer, Jorn Lambert, said in the release that stablecoins are "increasingly addressing real-world needs" such as cross-border business payments and remittances.

That close gave Mastercard an owned stablecoin platform. It is the obvious comparison investors and analysts reached for when the Axios report on Visa appeared.

Regulation has made the space easier to enter

Large, regulated payment companies have become more willing to commit to stablecoins as U.S. rules take shape under the GENIUS Act. Bullquill covered the most recent step in the OCC's final GENIUS rule on stablecoin rewards. Other recent deals show the same demand for stablecoin payment rails, including Tether's investment in payments firm Mural and Shinhan and SBI's yen stablecoin card plan.

What it means

For now, the confirmed facts are limited. Axios reported talks, Fireblocks says the report is not true "at present time," Coinbase says it is not involved, and Visa will not comment. No agreement, filing or regulatory notice exists.

A few points are worth watching:

• Any statement from Visa. Visa's policy is not to comment on rumors, so silence is not a confirmation. A formal announcement or filing would be the first solid evidence either way.
• Fireblocks' customer relationships. Fireblocks serves many exchanges, banks and payment firms, and some compete with card networks. Any change in ownership would raise questions about neutrality that those customers would want answered.
• Further consolidation. With Mastercard's BVNK deal closed, other payment companies may look for their own stablecoin infrastructure, whether or not Fireblocks is the target. Bullquill's explainer on the FCA's DeFi consultations shows that regulators outside the U.S. are also shaping how such businesses can operate.

If the companies change their positions or announce a transaction, the details here will need to be updated. Until then, the reported $2.5 billion price and the "late-stage" description come only from unnamed sources cited by Axios.

Sources

• Axios Pro: Visa in talks to acquire Fireblocks (Oct. 22, 2026)
• CoinDesk: Crypto custody specialist Fireblocks denies it's in talks to be acquired by Visa (Oct. 22, 2026)
• The Block: Fireblocks denies report of $2.5 billion acquisition talks with Visa (Oct. 22, 2026)
• Visa: Visa Brings Onchain Lending into Everyday Payments (Sept. 8, 2026)
• Mastercard: Mastercard completes acquisition of BVNK (Aug. 3, 2026)
• The Block: Mastercard completes BVNK acquisition
• The Block: Visa expands stablecoin capabilities on Visa Direct with Zerohash collaboration (Aug. 5, 2026)
• Decrypt: Visa widens stablecoin payouts via Zerohash rails
• The Block: Fireblocks launches stablecoin payments network (Sept. 2025)
• The Block: Fireblocks raises $550 million in Series E funding, now valued at $8 billion (Jan. 27, 2022)

This article is for information only and is not investment advice.