Zerohash is reportedly seeking new investment at a valuation above $1.5 billion after Mastercard decided not to move forward with a possible investment in the firm.
According to reports, Mastercard had previously considered making a strategic investment in the Chicago-based crypto infrastructure company. However, the payments giant later shifted its attention toward another stablecoin-focused deal.
A spokesperson for Zerohash declined to comment on fundraising discussions, while Mastercard also did not publicly respond to the reports.
Instead of investing in Zerohash, Mastercard agreed earlier this year to acquire BVNK in a deal worth up to $1.8 billion, including additional performance-based payments. Mastercard said the acquisition would help connect blockchain-based payments with traditional financial systems more quickly.
Mastercard Chief Product Officer Jorn Lambert said BVNK would allow the company to expand stablecoin payment services faster.
Earlier reports had suggested Mastercard was also exploring a possible acquisition of Zerohash in a deal reportedly valued between $1.5 billion and $2 billion.
Zerohash provides crypto and stablecoin infrastructure services through APIs that allow banks, brokerages, and fintech companies to offer digital asset products without building blockchain systems themselves. The company also supports custody, compliance, settlement, liquidity, and blockchain connectivity services.
The company has worked with major financial and technology firms, including BlackRock, Franklin Templeton, Hamilton Lane, Interactive Brokers, Stripe, DraftKings, and Lightspark.
Zerohash previously reached a $1 billion valuation in September 2025 after raising $104 million in a Series D-2 funding round led by Interactive Brokers. Other investors included Morgan Stanley, Apollo Global Management, SoFi, and Jump Crypto.
The company said its total funding has now reached around $275 million and that its platform supports more than five million users across 190 countries.
