Mastercard Drops Zerohash Investment Plans After $1.8B BVNK Acquisition

Mastercard (MA) has reportedly backed away from plans to invest in crypto infrastructure company Zerohash after completing its $1.8 billion acquisition of stablecoin payments firm BVNK. According to sources familiar with the matter, the payments giant had previously explored a strategic investment in Zerohash earlier this year as part of its broader digital asset expansion strategy.

Reports in January indicated that Mastercard was considering funding the Chicago-based crypto infrastructure provider even after Zerohash decided to remain independent. At the time, the company was reportedly seeking to raise $250 million at a valuation of approximately $1.5 billion. Sources now claim Zerohash is pursuing another funding round at a significantly higher valuation, reflecting growing institutional interest in crypto infrastructure and tokenization services.

The development follows earlier reports that Mastercard had been in advanced discussions to acquire Zerohash in a deal potentially worth up to $2 billion. After negotiations failed to progress, Mastercard shifted its focus and finalized the acquisition of U.K.-based stablecoin infrastructure company BVNK in March.

Founded in 2017, Zerohash provides APIs and embedded developer tools that enable banks, fintech companies and financial institutions to offer crypto trading, stablecoin payments and tokenization solutions. The company reportedly supports more than 5 million users across 190 countries and serves major clients including Morgan Stanley, Stripe, Interactive Brokers, BlackRock’s BUIDL fund, Franklin Templeton and DraftKings.

Crypto mergers and acquisitions continue to accelerate as companies race to strengthen their digital asset capabilities. Industry players are increasingly targeting custody, settlement, stablecoin and tokenization technologies amid rising institutional demand for blockchain-based financial services.

Zerohash previously reached a $1 billion valuation after raising $104 million in a Series D-2 funding round in September 2025 led by Interactive Brokers. Investors included Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto and Nyca Partners, highlighting continued confidence in the crypto infrastructure sector.