Crypto custody specialist Fireblocks denies it's in talks to be acquired by Visa
Cryptocurrency custody firm Fireblocks has dismissed reports it is in talks with Visa to be acquired for $2.5 billion.
A Fireblocks spokesperson said the acquisition talks were "news to us, and not true at present time." The denial follows an Axios report citing multiple unnamed sources claiming the crypto custody specialist was in late-stage discussions with Visa about a potential $2.5 billion acquisition.
The reported acquisition price would represent a significant decrease in Fireblocks' valuation compared to its previous funding. In 2022, the company raised $550 million at an $8 billion valuation, indicating a substantial potential markdown.
Market speculation
Fireblocks specializes in crypto custody using advanced pre-key sharding technologies such as multi-party computation (MPC). Despite the denial, market speculation has been circulating for the past three to four weeks about a potential sale of the business.
We are aware of the rumors about a possible acquisition of Fireblocks by Visa. This is news to us, and not true at present time.
Other potential buyers
Anonymous sources have also told CoinDesk that U.S.-listed Coinbase Global (COIN), trading at $172.26, was in the frame to potentially acquire Fireblocks. Neither Visa nor Coinbase responded to requests for comment by press time.
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