Crypto custody firm Fireblocks has denied speculation that it is set to be acquired by Visa, The Block reported on Wednesday.

Earlier, Axios reported that Visa is in late-stage talks to buy Fireblocks for about $2.5 billion, citing multiple sources.

Fireblocks told The Block, "We are aware of the rumours about a Visa acquisition, but this is the first we are hearing of it and, at this time, it is not true." A Visa spokesperson said, "We do not respond to rumours or speculation."

Fireblocks raised $550 million in a Series E funding round in January 2022, giving it an $8 billion valuation.

Founded in 2018, Fireblocks provides crypto custody and digital asset infrastructure services to institutional investors. It launched a stablecoin payments network in September 2025. More than 40 companies, including Circle, Bridge, Zero Hash and Yellow Card, are participating in the Fireblocks stablecoin payments network.

If completed, the deal would become one of the largest acquisitions in the crypto industry. Earlier, Coinbase bought derivatives exchange Deribit for $2.9 billion in 2025. Naver Financial is conducting a share-swap deal to acquire Dunamu, the operator of Upbit, for about $10.3 billion.

Visa has expanded its stablecoin business in recent months. In August, it partnered with Zero Hash to support stablecoin deposits and payouts on Visa Direct.

Rival Mastercard in August completed its acquisition of stablecoin infrastructure firm BVNK.