Zerohash seeks $1.5b valuation after Mastercard exit

Zerohash is seeking fresh capital at a valuation above $1.5 billion after Mastercard dropped investment plans following its BVNK acquisition.

Zerohash is pursuing a new funding round at a valuation above the $1.5 billion level discussed earlier this year. CoinDesk reported that the talks followed Mastercard’s decision to walk away from a possible investment after choosing another stablecoin infrastructure deal.

The report said Mastercard had earlier weighed a strategic investment in the Chicago-based company. A Zerohash spokesperson told CoinDesk the company “doesn’t comment on fundraising conversations.” Mastercard did not respond before publication, according to the same report.

Mastercard shifts focus to BVNK

Mastercard agreed in March to acquire BVNK, a stablecoin infrastructure company, for up to $1.8 billion, including $300 million in contingent payments. The company said the deal would connect on-chain payments with fiat rails.

Reuters reported that BVNK helps bridge fiat and stablecoins across major blockchain networks and more than 130 countries. Mastercard Chief Product Officer Jorn Lambert said buying BVNK would help the company “get to market much faster.”

Moreover, related coverage previously reported that Mastercard was in advanced talks to acquire Zerohash in a deal valued between $1.5 billion and $2 billion. That report described the possible deal as one of Mastercard’s largest stablecoin moves.

The same coverage said Zerohash provides crypto and stablecoin infrastructure through APIs for banks, brokerages, and fintechs. It also noted that Zerohash powers tokenized fund projects linked to BlackRock, Franklin Templeton, and Hamilton Lane.

Zerohash builds on $104m round

Zerohash was valued at $1 billion in September 2025 after raising $104 million in a Series D-2 round led by Interactive Brokers. Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto, and other investors also joined the round.

The company said that raise brought its total funding to $275 million. Zerohash also said its platform had supported more than 5 million users across 190 countries and powered products for Interactive Brokers, Stripe, Shift4, Franklin Templeton, DraftKings, Kalshi, Lightspark, Tastytrade, and Republic.

Meanwhile, Zerohash describes itself as a digital asset infrastructure provider that helps firms add crypto trading, stablecoin payments, and tokenized assets without building blockchain systems from scratch. Its services include custody, compliance, liquidity, settlement, and blockchain connectivity.