Visa is in late-stage talks to acquire Fireblocks, a crypto custody and infrastructure firm, for approximately $2.5 billion, according to a report published October 22, 2026.
The deal would mark one of the largest acquisitions in the crypto infrastructure sector to date. Fireblocks provides custody solutions, wallet management and settlement infrastructure to institutional clients including banks, exchanges and asset managers. A $2.5 billion valuation would value the company at roughly 50 times its reported 2023 revenue, a multiple that reflects both the scarcity of institutional-grade crypto infrastructure vendors and the historical premium acquirers have paid for custody platforms in traditional finance.
Fireblocks was founded in 2018 and has raised approximately $550 million across multiple funding rounds, according to available records. The company counts institutional firms including JPMorgan, Goldman Sachs and major global exchanges among its users. Visa's payments infrastructure reaches over 200 million merchants globally, and the company has been building crypto and blockchain capabilities within its core business since 2019.
The acquisition would give Visa direct control over a custody and settlement layer serving institutional clients across multiple blockchain networks. Custody remains a bottleneck for institutional adoption of crypto assets; demand for regulated, insured and operationally resilient custody solutions has grown as traditional finance firms allocate capital to digital assets. Fireblocks' platform processes transactions across multiple blockchains and has built compliance and risk management features designed for institutional counterparties.
Visa has previously acquired blockchain and crypto-adjacent assets, including Plaid in 2021 for $5.3 billion to strengthen its fintech infrastructure capabilities. The proposed Fireblocks deal is smaller in nominal terms but targets a narrower, more specialized market.
If completed, the transaction would consolidate custody infrastructure under a payments giant with existing relationships across the banking and merchant ecosystem. Visa's ability to integrate Fireblocks into its merchant acquiring platform could lower friction for merchants and institutions settling in crypto assets. The regulatory pathway for the deal remains an open question; the Federal Reserve and SEC have not publicly commented on the transaction, though institutional cryptocurrency M&A has drawn scrutiny from these regulators in other contexts.
The number to watch is whether Visa closes this transaction before year-end 2026, or whether regulatory review or market conditions force a delay into 2027.
