The blockchain infrastructure company Fireblocks has struck a deal to buy the crypto accounting platform TRES Finance, company executives told Fortune. The purchase came in the form of cash and equity worth $130 million, according to a source familiar with the negotiations, who asked for anonymity to talk about private business dealings.
The purchase is the second in three months for Fireblocks, whose core business focuses on helping companies hold and transfer digital assets. In October, Fireblocks, which was last valued at $8 billion in a 2022 fundraise, bought the crypto wallet startup Dynamic for around $90 million.
“You have a slew of [crypto] companies that either are looking to go public or they need to operate in a way that is within the fintech or traditional financial standards,” Michael Shaulov, cofounder and CEO of Fireblocks, told Fortune.
And, especially for firms of significant size, their crypto holdings are likely distributed across a range of platforms and wallets. TRES Finance helps CFOs and accountants at these companies track and monitor how much cryptocurrency they hold, how many assets are flowing into their coffers, and how much is flowing out.
While Fireblocks has software to help businesses hold and move digital assets, it doesn’t have a data product to help monitor and analyze their crypto holdings in detail, said Shaulov. “We believe that we will be able to create a much broader treasury management solution that is kind of full spectrum,” he added.
Crypto M&A season
Fireblocks’ purchase of TRES Finance is the latest in a flurry of M&A activity in crypto. In 2025, the number of crypto M&A transactions almost doubled to 335 from the prior year, according to data from the digital asset M&A advisory firm Architect Partners. This uptick comes amid a wave of optimism for digital assets in the U.S. under President Donald Trump, who has pushed for a broad suite of crypto regulation in his second term.
Founded in 2022, TRES Finance counts a slew of well-known crypto firms as customers, including the venture capital firm CoinFund, the analytics company Nansen, and the developer behind the crypto wallet Phantom. “We want to get rid of the spreadsheets,” said Tal Zackon, the cofounder and CEO of TRES Finance.
The company raised $11 million in late 2023. While Zackon declined to say how much his company was last valued, he did say Fireblocks’ purchase price was a premium over its most recent valuation.
