Mastercard (MA) has abandoned plans to invest in cryptocurrency infrastructure company Zerohash following payments giant Zerohash’s $1.8 billion acquisition of BVNK, according to people familiar with the matter.
In January, it was reported that Mastercard was considering a strategic investment in the Chicago-based company, even after choosing to remain independent. At the time, Zerohash was said to be in talks to raise $250 million at a valuation of $1.5 billion.
Zerohash is now said to be raising a new round of funding at an even higher valuation, according to two people familiar with the matter, who asked not to be identified because the matter is private.
Fortune magazine reported in October that the payment processor was in talks to acquire a digital asset infrastructure company in a deal worth up to $2 billion. Following the exit of Zerohash, Mastercard agreed to acquire UK-based stablecoin infrastructure company BVNK in March.
Mastercard did not respond to a request for comment by press time. A spokesperson for Zerohash said the company does not comment on fundraising conversations.
Founded in 2017, Zerohash provides APIs and embeddable developer tools that enable financial institutions and fintechs to offer cryptocurrencies, stablecoins, and tokenized products.
Its platform serves more than 5 million users in 190 countries, and clients include Morgan Stanley, Interactive Brokers, Stripe, BlackRock’s BUIDL Fund, Franklin Templeton, DraftKings, and more.
Promotion of M&A
Cryptocurrency trading remains active this year as exchanges, infrastructure providers, and fintech companies race to expand their digital asset capabilities through acquisitions.
Kraken’s parent company Payward agreed to acquire derivatives platform Bitnomial, while CoinDesk owner Bulish announced a $4.2 billion deal to acquire Equiniti for a combination of money transfer services and tokenization infrastructure.
Analysts expect consolidation to continue as companies compete for custody, payments, tokenization and stablecoin capabilities amid rising institutional demand.
Zerohash raised $104 million in a Series D-2 round led by Interactive Brokers in September 2025, valued at $1 billion.
In addition to existing backers PEAK6, tastytrade, and Nyca Partners, the round attracted new investors including Morgan Stanley, funds managed by Apollo, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC, and Liberty City Ventures, the company announced at the time.
read more: Mastercard announces it will consider investing in Zerohash after completing multibillion-dollar acquisition negotiations
