Blockchain infrastructure company Fireblocks has reached an agreement to acquire crypto accounting platform TRES Finance, executives said. wealth. The acquisition is for $130 million in cash and equity, according to a source familiar with the negotiations who requested anonymity discussing private business transactions.
The acquisition is the second in three months for Fireblocks, whose core business focuses on helping companies hold and transfer digital assets. Last October, Fireblocks acquired crypto wallet startup Dynamic for about $90 million, which was last valued at $8 billion in a 2022 funding round.
“There are a lot of (cryptocurrency) companies that are either looking to go public or need to operate in a way that meets fintech or traditional financial standards,” said Fireblocks co-founder and CEO Michael Shaulov. wealth.
And, especially for larger companies, their cryptocurrency holdings may be spread across a range of platforms and wallets. TRES Finance helps the CFOs and accountants of these companies track and monitor how much cryptocurrency they hold, how much is flowing into their coffers, and how much is flowing out.
Shaulov said that while Fireblocks has software to help businesses hold and transfer digital assets, it does not have data products to help monitor and analyze its crypto assets in detail. “We believe we will be able to create a broader, all-encompassing money management solution,” he added.
Cryptocurrency M&A Season
Fireblocks’ acquisition of TRES Finance is the latest in a series of mergers and acquisitions in the cryptocurrency space. According to data from digital asset M&A advisory firm Architect Partners, the number of cryptocurrency M&A transactions will almost double in 2025 from the previous year, reaching 335. The upward trend comes amid a wave of optimism about digital assets in the United States under President Donald Trump, who has pushed for a wide range of cryptocurrency regulations during his second term.
Founded in 2022, TRES Finance has many well-known cryptocurrency company clients, including venture capital firm CoinFund, analytics firm Nansen and the developer behind cryptocurrency wallet Phantom. “We want to get rid of spreadsheets,” said Tal Zackon, co-founder and CEO of TRES Finance.
The company raised $11 million in late 2023. While Zackon declined to say what his company’s latest valuation was, he did say that Fireblocks was acquired for a higher price than its most recent valuation.