Fireblocks Denies $2.5 Billion Visa Buyout Claims

Fireblocks denied a report that Visa was in late-stage talks to acquire the crypto infrastructure company for about $2.5 billion, saying the rumored deal was news to it and not true at present. Fireblocks makes software that lets banks, crypto exchanges and payment companies securely hold and move digital assets, including stablecoins. The reported price would be almost 70% below the $8 billion valuation Fireblocks reached when it raised $550 million in January 2022, though private fundraising valuations and acquisition prices are not directly comparable. Visa launched a stablecoin platform in July and moved a stablecoin-powered Visa Direct funding service into commercial production this month; Mastercard completed its acquisition of stablecoin infrastructure firm BVNK in August.