Fireblocks acquisition drives crypto infrastructure roll-up

With institutional interest rising, the latest fireblocks acquisition of TRES Finance signals how crypto market infrastructure is rapidly consolidating around data and compliance tools.

Fireblocks buys TRES Finance in $130 million cash-and-equity deal

The blockchain infrastructure company Fireblocks has agreed to acquire the crypto accounting platform TRES Finance in a transaction valued at $130 million in cash and equity. According to a source familiar with the negotiations, who requested anonymity because the talks were private, the deal combines technology, customers, and staff under the Fireblocks umbrella.

The purchase is Fireblocks’ second deal in three months, underscoring its push to expand beyond pure custody and transfer services for digital assets. In October, the company, last valued at $8 billion in a 2022 fundraise, bought the crypto wallet startup Dynamic for around $90 million. Together, the transactions show a deliberate roll-up strategy in key infrastructure segments.

Why Fireblocks is moving deeper into crypto finance tooling

Fireblocks’ core business is providing secure rails for companies to hold and move digital assets, serving exchanges, fintechs, and financial institutions. However, founder and CEO Michael Shaulov said many of those clients now face a different challenge: meeting the expectations of regulators, auditors, and public-market investors as they scale.

“You have a slew of [crypto] companies that either are looking to go public or they need to operate in a way that is within the fintech or traditional financial standards,” Shaulov told Fortune. Moreover, he noted that this shift is pushing firms to adopt more sophisticated systems for financial reporting and internal controls.

For larger organizations, digital asset holdings are often scattered across multiple exchanges, custodians, and on-chain wallets. That said, tracking real-time balances and flows becomes increasingly complex when assets sit on dozens of platforms and blockchains. This is the operational problem Fireblocks is now seeking to address through the TRES Finance acquisition.

Inside TRES Finance’s crypto accounting and treasury tools

TRES Finance focuses on helping CFOs and finance teams understand, in one place, how much cryptocurrency they hold, what is coming in, and what is going out. Its software aggregates wallet, exchange, and protocol data to give a consolidated view of balances and cash flows, improving audit readiness and internal oversight for corporate treasuries.

While Fireblocks already offers software that lets businesses securely hold and move digital assets, it has lacked a dedicated data and analytics layer for granular monitoring of crypto holdings. “We believe that we will be able to create a much broader treasury management solution that is kind of full spectrum,” Shaulov said, outlining a roadmap that integrates custody, transfer, and analytics in a single stack.

According to the companies, bringing TRES Finance into the Fireblocks platform should enable more advanced crypto treasury management capabilities for institutional clients. Moreover, finance teams could reduce their reliance on manual reconciliation, ad hoc spreadsheets, and bespoke in-house tools, which often struggle to keep pace with on-chain activity.

Deal reflects broader surge in crypto mergers and acquisitions

Fireblocks’ latest move lands amid a sharp pickup in crypto mergers and acquisitions across the digital asset ecosystem. In 2025, the number of crypto M&A transactions almost doubled to 335 from the prior year, according to data from Architect Partners, a digital asset M&A advisory firm. The data suggests strategic buyers and investors are again willing to deploy significant capital.

This uptick follows a renewed wave of optimism for digital assets in the U.S. under President Donald Trump. In his second term, Trump has pushed for a broad suite of crypto regulation, which many industry participants interpret as a step toward clearer rules of the road. However, the regulatory process remains in flux, and dealmakers continue to price in policy uncertainty.

Even so, consolidation is accelerating as infrastructure providers, exchanges, and fintechs compete to lock in institutional clients. Fireblocks is using acquisitions to widen its moat in areas like treasury operations and compliance tooling, while analytics and accounting platforms seek the scale and distribution that larger partners can provide.

TRES Finance’s growth, investors, and customer base

TRES Finance was founded in 2022 and has quickly built a roster of prominent crypto-native customers. Its client list includes venture capital firm CoinFund, analytics provider Nansen, and the developer behind the popular crypto wallet Phantom. Together, these names illustrate how the startup embedded itself across different segments of the digital asset landscape.

“We want to get rid of the spreadsheets,” said TRES Finance cofounder and CEO Tal Zackon, describing the company’s mission to streamline reporting for complex crypto treasuries. Moreover, TRES Finance positions itself as purpose-built crypto accounting software, in contrast to legacy systems retrofitted for blockchain data.

The firm raised $11 million in late 2023, securing capital to expand its product and customer base. While Zackon declined to disclose the startup’s most recent valuation, he confirmed that Fireblocks’ purchase price represents a premium to that prior mark. That said, financial specifics beyond the headline number have not been made public.

What the deal means for institutional crypto infrastructure

For Fireblocks, integrating a specialist in accounting software for crypto is a logical extension of its infrastructure stack. The company can now offer clients a continuum from secure custody and settlement to detailed reporting and analytics, giving enterprises fewer reasons to juggle fragmented tooling as their crypto operations grow.

For the broader market, the fireblocks acquisition of TRES Finance highlights how critical robust financial reporting has become as digital assets move into mainstream finance. As more companies approach the public markets or face banking-level scrutiny, demand for professional-grade infrastructure that can stand up to audits and regulators is set to keep rising.

Overall, the deal underscores a clear trend: leading infrastructure providers are racing to control the key layers of crypto finance, from wallet security to accounting and treasury oversight, in anticipation of the next phase of institutional adoption.