Fireblocks denies Axios report that Visa is in late-stage talks to buy it for $2.5 billion, less than a third of its 2022 valuation

A report that Visa wants to buy a major crypto infrastructure firm drew a denial on Thursday. Axios reported, citing multiple sources, that Visa was in late-stage talks to acquire Fireblocks for about $2.5 billion, The Block and CoinDesk reported.

Fireblocks pushed back. "This is news to us, and not true at present time," Fireblocks said, according to The Block and CoinDesk. A Visa spokesperson declined to comment, saying the company does not comment on rumors or speculation, according to The Block; CoinDesk said Visa did not respond to its request. CoinDesk added that Coinbase, which anonymous sources had told it was also being considered as a buyer, denied any involvement.

According to The Block, Fireblocks provides crypto custody and stablecoin infrastructure and was last publicly valued at $8 billion in January 2022, when it raised a $550 million Series E round. CoinDesk notes that it secures assets with multi-party computation, a method that splits private keys into pieces. A sale at $2.5 billion would be a marked drop in value since 2022, CoinDesk said.

What to watch next: whether Axios, Visa or Fireblocks says more.