Mastercard Shifts Strategy on Zerohash Investment After Takeover Deal Collapses

Mastercard’s ambitious bid to acquire blockchain infrastructure firm Zerohash for as much as $2 billion has hit a dead end, but the payments giant isn’t walking away entirely. Instead, the financial services leader is now evaluating a strategic investment position in the company, according to sources familiar with the discussions.

The shift represents a notable pivot for Mastercard, which was in late-stage acquisition negotiations with Zerohash throughout 2025. The collapse of merger talks, however, reflects Zerohash’s firm commitment to maintaining its independence and continuing its growth trajectory as a standalone entity.

Why Zerohash Opted to Remain Independent

Zerohash’s decision to reject Mastercard’s takeover proposal underscores the company’s confidence in its business model and market position. The blockchain infrastructure firm, founded in 2017, provides critical financial plumbing that allows banks, brokerages, and fintech platforms to integrate cryptocurrency and stablecoin services without building everything from scratch.

“We are not entertaining an acquisition by Mastercard. We respect the Mastercard team and look forward to scaling commercial partnerships,” a Zerohash spokesperson stated. The company emphasizes that retaining its founding team and maintaining operational autonomy positions it best to innovate and serve its growing customer base.

This independence-first approach aligns with Zerohash’s track record of success. The infrastructure company raised $104 million in its most recent funding round led by heavyweight investors including Interactive Brokers and Morgan Stanley, valuing the company at $1 billion. The backing from such institutional players validates Zerohash’s standalone potential and its appeal beyond Mastercard’s purview.

The Institutional Infrastructure Play Reshaping Crypto M&A

The failed Mastercard acquisition attempt reflects a broader transformation in how the crypto industry is consolidating. Dealmaking in the digital assets sector is accelerating, but the nature of attractive acquisition targets has fundamentally shifted. Gone are the days when speculative blockchain protocols dominated M&A activity. Today, investors and strategic buyers are chasing revenue-generating infrastructure companies with institutional credibility.

The most coveted targets now include licensed exchanges and brokerages providing direct market access, custody platforms serving institutional clients, staking providers with proven track records, and high-margin compliance and data firms. Mastercard’s continued interest in Zerohash, even in investment form, reflects this strategic recalibration toward foundational infrastructure.

Recent market activity confirms this trend. Crypto data platform CoinGecko recently pursued a buyer for approximately $500 million, signaling robust valuations for proven infrastructure assets. Meanwhile, Coinbase and Mastercard both explored acquiring BVNK, a London-based fintech specializing in stablecoin payment rails, in a deal that could have valued the company up to $2.5 billion.

Why Zerohash Matters to Mastercard’s Crypto Vision

Zerohash’s platform delivers APIs and embeddable developer tools that seamlessly integrate cryptocurrency, stablecoin, and tokenization capabilities into institutional financial products. The company’s infrastructure already underpins services at Interactive Brokers, Stripe, BlackRock’s BUIDL fund, Franklin Templeton, and DraftKings, reaching more than 5 million users across 190 countries.

This expansive reach and institutional adoption make Zerohash a critical gateway for traditional finance into crypto rails. For Mastercard, maintaining a stake in such infrastructure—whether through investment or partnership—offers strategic exposure to the digital assets economy without the commitment of a full acquisition. The shift to an investment model may ultimately provide more flexibility for both parties, allowing Mastercard to benefit from Zerohash’s growth while respecting the company’s operational independence.