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Fireblocks

Founded in 2018 by Michael Shaulov, Idan Ofrat, and Pavel Berengoltz, Fireblocks provides institutional-grade infrastructure for securing and moving digital assets using multi-party computation (MPC) rather than traditional single private keys. Its platform spans custody, treasury management, tokenization, and wallet services used by banks, exchanges, and fintechs. Fireblocks raised a $550M Series E in January 2022 at an $8B valuation, and has grown via acquisitions including wallet-infrastructure startup Dynamic (roughly $90M, October 2025) and crypto-accounting firm TRES Finance ($130M, January 2026), extending its stack from custody to consumer onboarding and digital-asset finance.

Fireblocks is the default MPC custody and transfer rail for institutions entering crypto, securing a large share of the value that moves between exchanges, banks, and treasuries.

fireblocks.com Wallets & Dev Infrastructure

United Statesprivate

At a glance

Total raised

$1.0B

last round series e

Headcount

501-1k

approximate · public range

Headquarters

New York

United States

Founded

2018

8 years active

Status

Private

Wallets & Dev Infrastructure

Latest valuation

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AI bull / bear

Bull case

Fireblocks is the default settlement layer for institutional crypto — an MPC custody and transfer network securing more than $4 trillion in annual digital-asset transfers for banks, exchanges, and fintechs — and it is rolling up adjacent layers before rivals can. The October 2025 acquisition of wallet-infrastructure startup Dynamic (roughly $90M) extended the stack down into consumer onboarding, and the January 2026 purchase of TRES Finance ($130M) added crypto accounting and audit-ready reconciliation, assembling what the company pitches as the first complete operating system for digital assets. The structural tailwind is enormous: stablecoin regulation and tokenization are pulling traditional banks on-chain, and each one needs exactly the policy-governed, insurance-backed key management Fireblocks sells. Its network effect compounds — the Fireblocks Network connects hundreds of counterparties, so each new institution makes the transfer rail more valuable to every existing one, a moat that pure custody vendors lack. With $1.04B raised, a war chest deep enough to keep acquiring through the cycle, and a customer base that skews toward regulated institutions with low churn, Fireblocks is positioned as the Fiserv of digital assets: unglamorous, embedded, and extremely hard to rip out once wired into treasury operations.

Bear case

Fireblocks' $8B mark is a January 2022 artifact that has never been repriced, and the public comps are unkind: BitGo — a direct custody competitor — listed in 2026 at roughly $2 billion, implying the private mark could be several multiples above what the market would actually pay. The technical moat is eroding too. MPC custody was differentiated in 2019; today Coinbase, Anchorage, BitGo, and a wave of open-source tooling offer comparable key management, while the deepest-pocketed customers — banks entering under new charters — increasingly want to own custody in-house rather than rent it, converting Fireblocks from strategic partner to transitional vendor. The acquisition spree reads two ways: buying Dynamic and TRES could signal offensive consolidation, or it could signal that core custody pricing is compressing and the company must bolt on new SKUs to keep growing into its valuation. Transaction-linked revenue also carries cycle beta the SaaS framing obscures — when volumes fall, so does the value flowing through the network it monetizes. And the endgame question looms: if tokenization succeeds at scale, the winners are regulated custodians with balance sheets and trust charters, a game where Fireblocks' software-vendor positioning may leave it arming the incumbents rather than becoming one.

Generated by editorial-sourced · July 1, 2026Refreshes quarterly · see disclosures