Hassan Maishera
TL;DR
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Mastercard has dropped plans to invest in crypto infrastructure firm Zerohash after its $1.8B acquisition of BVNK, signaling a shift toward full acquisitions over minority stakes in stablecoin infrastructure.
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Zerohash is still reportedly seeking new funding at a higher valuation despite the setback.
Mastercard has abandoned plans to invest in crypto infrastructure firm Zerohash following its $1.8 billion acquisition of BVNK, according to a person familiar with the matter.
The decision marks a shift in the payments giant’s crypto strategy as it consolidates its focus on stablecoin and digital asset infrastructure through targeted acquisitions rather than minority investments.
From Investment Talks to Strategic Pivot
Earlier this year, Mastercard was reportedly in advanced discussions to invest in Zerohash, a Chicago-based crypto infrastructure provider. At the time, the company was preparing a $250 million fundraising round at a valuation of roughly $1.5 billion.
However, those plans were later shelved. Instead, Mastercard moved forward with a deal in March to acquire BVNK, a U.K.-based stablecoin infrastructure firm, signaling a stronger preference for full ownership of core crypto capabilities.
Zerohash Still Eyes Higher Valuation Round
Despite the failed investment talks, Zerohash is now reportedly seeking to raise a new funding round at an even higher valuation, according to sources familiar with the matter.
Founded in 2017, Zerohash provides APIs and embedded infrastructure tools that enable banks, fintechs, and financial platforms to offer crypto trading, stablecoin services, and tokenization products.
The company’s platform reportedly serves more than 5 million users across 190 countries and counts major institutions, including Morgan Stanley, Interactive Brokers, Stripe, BlackRock’s BUIDL fund, Franklin Templeton, and DraftKings, among its clients.
Zerohash was last valued at $1 billion following a $104 million Series D-2 round in September 2025, led by Interactive Brokers. That round also included participation from Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC, and Liberty City Ventures, alongside existing investors.
This latest development comes amid a broader acceleration in crypto industry consolidation, as financial institutions and fintech firms race to secure infrastructure for custody, settlement, tokenization, and stablecoins.
Recent deals include Kraken’s parent company Payward acquiring derivatives platform Bitnomial, and Bullish announcing a $4.2 billion agreement to acquire Equiniti to expand into transfer agency services and tokenization infrastructure.
Analysts expect this trend to continue as institutional demand for regulated digital asset infrastructure grows, driving further mergers and acquisitions across the sector.
