FIREBLOCKS CUTS 7% OF WORKFORCE AFTER DENYING VISA ACQUISITION RUMORS

Summary from the TLDR Crypto newsletter

Fireblocks denied Visa acquisition rumors at a ~$2.5B valuation on Thursday, then confirmed a 7% workforce reduction (60-70 jobs) the following day. The rumored deal price represents a 69% markdown from the company's $8B 2022 peak valuation, and this marks the company's third round of layoffs in recent years despite having raised approximately $1.04B in total capital. The sequence of events raises questions about the state of institutional crypto infrastructure valuations and whether Fireblocks is managing toward an exit at materially lower terms than its last primary raise. On the same day, American Express announced cutting roughly 5% of its workforce, with its CFO citing AI-driven restructuring, adding to a broader pattern of financial services firms shrinking headcount ahead of automation-driven operating model changes.