Fireblocks

Overview

Fireblocks is a digital asset infrastructure company founded in 2018 by Michael Shaulov, Idan Ofrat and Pavel Berengoltz, headquartered in New York City (Globes). It sells a cloud-based platform that institutions — banks, exchanges, fintechs and payment companies — use to store, move and manage cryptocurrency and other blockchain-based assets (Cointelegraph). The company’s last primary funding round was a $550 million Series E in January 2022 at an $8 billion valuation, co-led by D1 Capital Partners and Spark Capital (Ctech).

What distinguishes the profile from typical crypto-startup coverage is the founding trigger and the technology choice. In 2017, while working at cybersecurity firm Check Point, Shaulov and Berengoltz were asked to investigate a breach at a South Korean crypto exchange in which roughly $200 million in bitcoin was stolen — and the investigation gave them the idea for a purpose-built secure platform for digital-asset transactions rather than a security layer patched onto existing systems (Ctech). Both had come through Israel’s IDF 8200 intelligence unit and the mobile-security startup Lacoon, which Check Point had acquired for $100 million in 2015; Ofrat, the third co-founder, joined to complete the team (Ctech). The platform’s core security technology is multi-party computation (MPC), which splits a private key across several devices so that no single compromised machine can unlock an account — a cryptographic approach with roots in the academic work of professors Shafi Goldwasser, Oded Goldreich and Yehuda Lindell (Ctech).

From stealth startup to an $8 billion institutional platform

Fireblocks spent the summer of 2019 in stealth before announcing a $16 million initial funding round (Ctech). The venture money then arrived in a rapid sequence. In March 2021 the company raised $133 million in a Series C led by Coatue, Ribbit and Stripes, with strategic investment from BNY Mellon and Silicon Valley Bank — a round The Wall Street Journal said carried a valuation above $900 million and brought total funding to $179 million, from investors including Galaxy Digital, Swisscom Ventures, Paradigm, Tenaya Capital and Cyberstarts (Cointelegraph). Four months later came a $310 million Series D co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and Siam Commercial Bank’s SCB 10X at a $2.2 billion valuation, lifting total funding to $489 million, with clients including Revolut, BlockFi, Crypto.com and eToro (SiliconANGLE). In January 2022 the $550 million Series E co-led by D1 Capital Partners and Spark Capital, with General Atlantic, Index Ventures, Mammoth, Alphabet’s CapitalG, Altimeter, Iconiq Strategic Partners, Canapi Ventures and Parafi Growth Fund participating, pushed the valuation to $8 billion — a roughly threefold increase in six months that Ctech said made Fireblocks one of Israel’s three most valuable private companies, alongside Rapyd and Snyk (Ctech).

The operating figures disclosed around that time explain the investor enthusiasm. Fireblocks said it ended 2021 with $60 million in revenue, up more than 600% from the prior year, with its 800 institutional customers channeling $2 trillion in transactions through the platform and holding $50 billion in wallet assets; roughly 15% of all cryptocurrency transactions were running through its infrastructure, according to Shaulov (Ctech). By October 2025 the company said it served more than 2,000 clients, including 300 payment companies conducting $85 billion in monthly transaction volume (Ctech). The workforce at the time of the Series E was 260 people, split between New York and Tel Aviv (Ctech).

Building the operating system: payments, wallets, financial data

After the Series E, Fireblocks began assembling adjacent capabilities through acquisitions rather than raising new capital. In February 2022 it acquired First Digital, a stablecoin and digital-asset payments technology platform, in a cash-and-equity deal that two sources close to the matter told Reuters was worth $100 million (The Business Times). First Digital became a payments business unit inside Fireblocks focused on letting payment service providers accept and remit crypto, and CEO Michael Shaulov told Reuters the two companies had been partners for two years before the deal (The Business Times).

Three years later the acquisition pace quickened toward the edges of the stack. In October 2025 Fireblocks acquired Dynamic, a U.S.-based crypto wallet development platform supporting over 50 million accounts, for roughly $90 million — its first major step into consumer-facing infrastructure, extending beyond its institutional base (Ctech). Dynamic had been founded by Israeli-born MIT graduates Itai Turbahn and Yoni Goldberg, employed 30 people who joined Fireblocks, and had raised $21 million including a $13.5 million Series A in December 2023 led by a16z crypto and Founders Fund (Ctech). Then in January 2026 Fireblocks acquired TRES Finance, an Israeli crypto accounting startup whose platform translates blockchain activity into audit-ready financial records for more than 200 organizations including Andreessen Horowitz, PwC and Galaxy; market sources put the price at about $130 million, and the deal made it Fireblocks’ second acquisition in under three months (Globes). TRES had raised $18.6 million to date and its 58-person team, led by CEO Tal Zackon and CTO Eilon Lotem, joined Fireblocks (Globes). The stated logic: institutions need transaction execution and audit-ready financial reporting on a single, regulatorily compliant infrastructure (Globes).

What this profile does not claim

This profile does not claim a current valuation for Fireblocks — the last disclosed primary-round figure is the $8 billion Series E from January 2022, and no newer valuation has been publicly verified. It does not claim Fireblocks is profitable; its 2021 revenue figures are disclosed, but no profit or loss figures from independent sources are stated. The $100 million First Digital and ~$130 million TRES Finance prices are attributed to market sources, not officially disclosed figures. The Series D valuation is reported as $2.2 billion by SiliconANGLE and $2.5 billion by Ctech — that discrepancy is flagged, not resolved. A reported 2023 BlockFold acquisition appears in tertiary indexes but no independent report was verified, so it is not stated. Employee counts and office splits are dated snapshots (260 people in January 2022), not current figures.