Mastercard Weighs Strategic Investment in Zerohash After $2B Acquisition Deal Falls Through

Mastercard is now evaluating a strategic investment approach to Zerohash following the collapse of takeover negotiations that could have valued the blockchain infrastructure company at up to $2 billion. Rather than proceeding with an acquisition, the payments giant appears poised to take a minority stake in the independent crypto firm.

Why Zerohash Chose Independence Over Mastercard Takeover

The merger discussions between Mastercard and Zerohash concluded after the blockchain infrastructure provider made clear its intention to remain independent, according to sources familiar with the situation. Zerohash leadership prioritized maintaining autonomy over accepting Mastercard’s acquisition offer, which had been in advanced stages through October 2025.

“We are not entertaining an acquisition by Mastercard. We respect the Mastercard team and look forward to scaling commercial partnerships,” Zerohash’s leadership stated in official comments. “Our team is central to our velocity, and we believe that remaining independent best positions Zerohash to continue innovating, building and delivering for our customers.”

Despite the failed takeover bid, investment discussions between both parties are now underway, according to multiple sources. Mastercard declined to provide further comment on the revised strategic approach.

Strategic Investment as Crypto M&A Accelerates

The shift from acquisition to investment reflects broader momentum in crypto merger and acquisition activity. Industry observers note that the most attractive targets in digital assets are no longer speculative protocols, but established infrastructure firms with proven revenue streams and regulatory compliance credentials.

The strongest M&A candidates include licensed exchanges and brokerages offering immediate market access, custody and staking platforms with institutional client bases, and high-margin data and compliance solutions. Mastercard has previously explored other strategic partnerships in the sector—including talks with Coinbase regarding BVNK, a London-based fintech developing stablecoin payment infrastructure that could command valuations up to $2.5 billion.

Recent market activity underscores this trend. CoinGecko, a major crypto data platform, is reportedly weighing a sale for approximately $500 million, signaling strong institutional appetite for mature, revenue-generating crypto infrastructure assets.

Zerohash’s Market Position and Institutional Backing

Zerohash has established itself as a critical player in crypto market infrastructure. The company raised $104 million in its Series D-2 funding round in October 2025, led by Interactive Brokers and supported by prominent investors including Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC, and Liberty City Ventures. Existing backers PEAK6, tastytrade, and Nyca Partners also participated.

Founded in 2017, Zerohash operates a platform delivering APIs and embeddable developer tools that enable financial institutions and fintech platforms to integrate crypto, stablecoin, and tokenization services into their offerings without constructing underlying infrastructure themselves. The company provides custody solutions, settlement services, and fiat on-/off-ramp capabilities—services that have attracted marquee institutional clients.

Zerohash’s reach extends across Interactive Brokers, Stripe, BlackRock’s BUIDL fund, Franklin Templeton, and DraftKings, serving more than 5 million users spanning 190 countries. This established market footprint—combined with its $1 billion valuation following the October 2025 Series D-2 raise—positions Zerohash as precisely the kind of mature infrastructure asset now commanding premium valuations in crypto M&A markets.