Fireblocks Acquires TRES Finance for $130M to Close Institutional Compliance Gap
Fireblocks pays $130M for TRES Finance, marking its second acquisition in 3 months as regulatory pressure forces a merger of custody and accounting.
The Deal
Fireblocks acquired crypto accounting platform TRES Finance for $130 million in cash and equity, executives confirmed Wednesday. The move marks Fireblocks’ second major acquisition in three months, following its October purchase of wallet infrastructure firm Dynamic for $90 million.
This consolidation signals a pivot from pure custody to full-stack financial operations. By absorbing TRES, Fireblocks integrates audit, reconciliation, and tax capabilities directly into its network, which currently secures over $4 trillion in annual transfers.
The Numbers
TRES Finance serves over 230 institutional clients, including high-volume desks like Wintermute, Alchemy, and Finoa. The platform specializes in translating complex on-chain data into GAAP-compliant financial reports. A critical pain point for firms managing assets across fragmented DeFi protocols and multiple chains.
The infrastructure layer and the finance layer were disconnected. Not anymore. Fireblocks has acquired TRES to deliver the first unified operating system for digital assets.
Market activity supports this aggressive roll-up strategy. M&A transactions in the crypto sector nearly doubled in 2025, hitting 335 deals as infrastructure providers raced to mature ahead of incoming regulatory frameworks.
Regulatory Catalyst
The acquisition effectively arms Fireblocks’ clients against a tightening compliance net. In the U.S., the proposed GENIUS Act and stricter IRS reporting standards (Form 1099-DA) are forcing funds to adopt audit-ready ledgering. In Europe, the full implementation of MiCA is driving similar demands for transparent on-chain reporting.
Michael Shaulov, Fireblocks CEO, noted the deal addresses the “fragmented” nature of crypto treasury management, where security and accounting have historically operated in silos. The integrated stack allows institutions to trace a transaction from execution to the general ledger without manual reconciliation.
