Mastercard (MA) abandoned plans to invest in crypto infrastructure firm Zerohash following the payments giant’s $1.8 billion acquisition of BVNK, according to a person with direct knowledge of the matter.
In January, Mastercard was reported to be considering a strategic investment in the Chicago-based company even after it opted to stay independent. At the time, Zerohash was said to be in talks to raise $250 million at a $1.5 billion valuation.
Now, Zerohash is said to be raising a new funding round at an even higher valuation, according to two people with knowledge of the matter, who spoke on condition of anonymity because the matter is private.
Fortune in October reported that the payments processor was in advanced talks to acquire the digital asset infrastructure firm in a deal valued at up to $2 billion. After Zerohash withdrew, Mastercard agreed in March to buy U.K.-based stablecoin infrastructure firm BVNK.
Mastercard did not respond to a request for comment by publication time. A Zerohash spokesperson said the company doesn’t comment on fundraising conversations.
Founded in 2017, Zerohash offers APIs and embeddable developer tools that allow financial institutions and fintechs to deliver crypto, stablecoin and tokenization products.
Its platform serves more than 5 million users across 190 countries and counts Morgan Stanley, Interactive Brokers, Stripe, BlackRock’s BUIDL fund, Franklin Templeton and DraftKings among its clients.
M&A push
Crypto dealmaking has remained brisk this year as exchanges, infrastructure providers and fintech firms race to expand their digital asset capabilities through acquisitions.
Kraken’s parent company, Payward, agreed to acquire the derivatives platform Bitnomial, while Bullish, owner of CoinDesk, announced a $4.2 billion deal to buy Equiniti, aimed at combining transfer agency services with tokenization infrastructure.
Analysts expect consolidation to continue as firms compete for custody, settlement, tokenization and stablecoin capabilities amid growing institutional demand.
Zerohash was valued at $1 billion after raising $104 million in a Series D-2 round in September 2025, led by Interactive Brokers.
The round drew new investors, including Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC and Liberty City Ventures, alongside existing backers PEAK6, tastytrade and Nyca Partners, the company said at the time.
Read more: Mastercard said to weigh Zerohash investment after ending takeover talks worth billions
