Is Fireblocks profitable in 2026?

Fireblocks has not disclosed profitability. It claimed ARR surpassed $100 million in 2022, and third-party estimates for 2023 to 2026 range from $113.7 million to $193 million, but no net income figures are public as of July 2026.

Fireblocks is privately held, backed by Sequoia Capital, Coatue, Ribbit Capital, Paradigm, General Atlantic, CapitalG, Index Ventures, and BNY Mellon. Its last priced round was a $550 million Series E in January 2022 at an $8 billion valuation.

Could AI replace Fireblocks?

Unlikely to replace it outright. Fireblocks' moat is a licensed Trust Company custody status and MPC key infrastructure serving 2,400+ institutional counterparties, not something a model can replicate. Instead, Fireblocks launched an Agentic Payments Suite in May 2026 to serve AI-agent-initiated payments.

Who is Fireblocks' biggest competitor?

BitGo, which completed an NYSE IPO in January 2026, and Anchorage Digital, which holds an OCC federal bank charter, are Fireblocks' closest direct custody rivals as of mid-2026. Coinbase Prime is the main unbarred exchange-based threat.

What is Fireblocks worth today?

Fireblocks was last priced at an $8 billion valuation in its January 2022 Series E round. As of July 2026, secondary-market platforms like Nasdaq Private Market imply valuations below that 2022 peak, with no new priced round confirmed.

Is Fireblocks going to IPO?

CEO Michael Shaulov said in March 2024 the company may consider an IPO after 2 to 3 years, implying a 2026-2027 window. As of July 2026, no IPO has been filed, while rival BitGo already went public in January 2026.

Payments companies · United States

Fireblocks

fireblocks.com ↗

Fireblocks runs custody and settlement infrastructure banks and exchanges use to move crypto and stablecoins.

Defensible for now

Assessed 21 July 2026 · Evidence as of 21 July 2026

Real protection, with named pressure against it.

On the recordSince 21 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: Qivalis euro-stablecoin launch, a proof point for institutional tokenization trust

The call

Fireblocks keeps signing banks and exchanges, but its last valuation mark sits four years stale while BitGo and Anchorage close the regulatory gap.

Fireblocks runs a vault and payments network where large banks and investment firms keep and move digital money. It has real advantages: a license to hold customer assets, government approval in Europe, and customers locked in through integration deals with giants like BNY Mellon. The problem is that Coinbase Prime (which already has exchange rules in place) and BitGo (which just went public in early 2026) offer the same service without those extra steps, and both are chasing the same customers. What matters most: whether Fireblocks can keep raising prices and customer count fast enough to justify its $8 billion 2022 valuation, or whether it ends up being worth much less.

Why

AI pressure: None apparent. AI models don't hold licenses or private keys; this is a regulatory and plumbing business, not a software-replacement target yet. Could AI do the core job? Unlikely.

Bigger players: Coinbase Prime, BitGo, Anchorage Digital. BitGo IPO'd January 2026, Anchorage holds an OCC bank charter, and Coinbase Prime offers exchange-plus-custody, all chasing the same institutional accounts. Could a giant copy it? No, they are blocked.

What protects it. Trust Company license, MiCAR positioning, and deep integrations with BNY, Revolut, and ABN AMRO make switching costly.

What would change this call

BitGo discloses post-IPO institutional custody market share or named customer wins over Fireblocks. Would show a direct, licensed rival converting Fireblocks' regulatory moat into real share loss.
Fireblocks files for IPO or completes a priced funding round. Would reveal whether its valuation holds, falls, or exceeds the $8B January 2022 peak.
Anchorage Digital or Coinbase Prime publicly names Fireblocks accounts they won. Would confirm active customer switching rather than just crowded competition.

Key numbers

2,400+ institutional customers on the network (2026-05)
$200B in stablecoin volume moves monthly (2026-05)
Last priced at $8B valuation in Series E (2022-01)

Named risks

Third-party revenue estimates for 2023-2026 diverge widely ($113.7M to $193M), no audited figures public. Severity: medium
Secondary-market valuations imply a mark below the $8 billion Jan 2022 peak with no new priced round since. Severity: medium
Crowded, well-capitalized peer field after BitGo's Jan 2026 IPO and Anchorage's bank charter. Severity: high
Two rounds of layoffs (Feb 2023, Feb 2024) totaling roughly 8% of staff over two years. Severity: low
Revenue tied to crypto market cycle and unproven new lines like agentic payments. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
BitGo	contesting	BitGo completed NYSE IPO in January 2026, gaining public-market pricing benchmark
Anchorage Digital	contesting	Holds OCC-chartered federal digital-asset bank status as of 2026, a regulatory edge Fireblocks lacks
Coinbase Prime	contesting	Structurally allowed exchange-based rival for institutional custody as of 2026
Copper	gaining on	Fireblocks' own May 2026 comparison page flags Copper as lacking active US/UK/EU custody license

Questions people ask

Is Fireblocks profitable in 2026?: Fireblocks has not disclosed profitability. It claimed ARR surpassed $100 million in 2022, and third-party estimates for 2023 to 2026 range from $113.7 million to $193 million, but no net income figures are public as of July 2026.
Who owns Fireblocks?: Fireblocks is privately held, backed by Sequoia Capital, Coatue, Ribbit Capital, Paradigm, General Atlantic, CapitalG, Index Ventures, and BNY Mellon. Its last priced round was a $550 million Series E in January 2022 at an $8 billion valuation.
Could AI replace Fireblocks?: Unlikely to replace it outright. Fireblocks' moat is a licensed Trust Company custody status and MPC key infrastructure serving 2,400+ institutional counterparties, not something a model can replicate. Instead, Fireblocks launched an Agentic Payments Suite in May 2026 to serve AI-agent-initiated payments.
Who is Fireblocks' biggest competitor?: BitGo, which completed an NYSE IPO in January 2026, and Anchorage Digital, which holds an OCC federal bank charter, are Fireblocks' closest direct custody rivals as of mid-2026. Coinbase Prime is the main unbarred exchange-based threat.
What is Fireblocks worth today?: Fireblocks was last priced at an $8 billion valuation in its January 2022 Series E round. As of July 2026, secondary-market platforms like Nasdaq Private Market imply valuations below that 2022 peak, with no new priced round confirmed.
Is Fireblocks going to IPO?: CEO Michael Shaulov said in March 2024 the company may consider an IPO after 2 to 3 years, implying a 2026-2027 window. As of July 2026, no IPO has been filed, while rival BitGo already went public in January 2026.

Timeline

2026-05-20Launched Agentic Payments Suite, joined x402 Foundation with Google, Microsoft, AWS, Visa, Mastercard, Circle
2026-04-21Selected by 12-bank European consortium Qivalis to power MiCAR-compliant euro stablecoin
2026-01-07Acquired crypto accounting platform TRES Finance for about $130 million
2025-10-23Acquired wallet platform Dynamic for about $90 million, adding 50M+ on-chain accounts
2025-09Launched Global Stablecoin Payments Network for cross-border payouts across 100+ countries
2024-03-07CEO Michael Shaulov said company may consider IPO after next 2-3 years
2024-02-14Second layoff round, cutting about 3% of staff (21 people)
2023-02-20First layoff round, cutting about 5% of staff (30 people)
2022-01Raised $550 million Series E at $8 billion valuation, co-led by D1 Capital and Spark Capital
2018Founded by Michael Shaulov, Idan Ofrat, and Pavel Berengoltz

Revision history

21 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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