Mastercard sees a new opportunity in partnership with Zerohash: from acquisition to investments

Mastercard’s attempt to acquire blockchain infrastructure company Zerohash has encountered an unexpected turn. Instead of completing the purchase, the payment giant is now considering a strategic investment, choosing the role of a partner rather than an owner. This shift occurred after Zerohash decided to defend its independence, signaling new priorities for both the company and the industry as a whole.

When acquisition negotiations turn into an investment dialogue

As recently as October last year, Fortune reported that Mastercard was in the final stages of negotiations to acquire Zerohash for up to $2 billion. The deal seemed inevitable—such sums usually indicate serious intent. However, the story developed differently than expected.

According to three sources close to the negotiations who wished to remain anonymous, direct acquisition talks have been put on hold. Zerohash’s decision to maintain independence was a decisive factor. At the same time, as two of these sources confirm, discussions about an investment partnership are ongoing actively. The company does not deny engagement: a Zerohash representative stated that the company is not considering a full acquisition by Mastercard but highly values the potential for long-term partnership.

Zerohash: infrastructure that has become more attractive than ownership

Founded in 2017, Zerohash provides critically important services for the cryptocurrency ecosystem. The company has developed APIs and embedded tools that enable financial institutions and fintech companies to easily integrate crypto assets, stablecoins, and tokenization services into their products, bypassing the need to develop their own infrastructure.

The practical significance of this offering is confirmed by an impressive client portfolio. Zerohash’s platform serves Interactive Brokers, Stripe, BlackRock’s BUIDL investment fund, Franklin Templeton, and the sports platform DraftKings, supporting over 5 million users in 190 countries. This scale explains why the company chose independence: its own customer base and developed infrastructure make it more valuable as a partner than as an acquisition.

Growing investment activity: when infrastructure matters more than speculation

The situation with Mastercard and Zerohash reflects a broader market trend. In recent weeks, the cryptocurrency sector has experienced a revival of merger and acquisition activity, but now target companies are not speculative protocols with uncertain status, but proven infrastructure projects.

More opportunities are emerging for investors seeking long-term value creation. Attractive targets include licensed exchanges with immediate market access, providers of custody and staking services with an institutional client base, as well as high-yield companies in data and compliance sectors.

CoinGecko, a cryptocurrency data platform, recently began the process of finding a buyer, with an estimated valuation of around $500 million. This is another example of how information infrastructure is becoming a strategic asset for major financial players.

Mastercard: building a digital asset portfolio

Mastercard is not limited to Zerohash alone. The payment processor is actively exploring opportunities to participate in shaping the digital asset ecosystem. Alongside investment discussions with Zerohash, Mastercard and Coinbase previously considered acquiring BVNK—a London-based fintech company specializing in stablecoin payment infrastructure. The valuation for that deal was set at up to $2.5 billion.

This strategy demonstrates Mastercard’s evolving position: the company is shifting from traditional payment facilitation to actively building its own portfolio within the digital assets ecosystem.

Zerohash strengthened by last year’s funding round

Zerohash’s financial strength is confirmed by Series D-2 funding completed in October 2025. The company raised $104 million, valuing it at $1 billion. The round was led by Interactive Brokers, with active participation from Morgan Stanley, funds managed by Apollo, SoFi, Jump Crypto, Northwestern Mutual Future Ventures, FTMO, IMC, and Liberty City Ventures, alongside existing investors PEAK6, tastytrade, and Nyca Partners.

This backing from major financial players confirms that the opportunity for Zerohash to develop as an independent company remains attractive to the investment community. In turn, this may have influenced the company’s decision to decline Mastercard’s full acquisition offer.

Why independence was more important than a $2 billion offer

A Zerohash spokesperson explained the company’s position simply: the team is a key asset, and maintaining independence ensures the best conditions for continuous innovation, service expansion, and better customer support. This reasoning makes sense in the context of a rapidly evolving market where flexibility and speed of decision-making often outweigh the financial resources of the buyer.

Mastercard’s move toward an investment partnership may prove to be a mutually beneficial compromise: the payment giant gains influence over the development of key infrastructure while maintaining flexibility, and Zerohash gains a strategic partner and investor without losing control.