Fireblocks invests 130 million to acquire TRES Finance! The crypto accounting sector is booming

Fireblocks acquires crypto accounting platform TRES Finance for $130 million, the second deal within three months (October acquisition of Dynamic for $90 million). TRES helps enterprises track crypto asset flows across multiple platforms, with over 230 companies using the service. The acquisition will provide a comprehensive capital management solution for enterprises, filling the compliance and accounting puzzle.

Why is Fireblocks merging two companies within three months?

According to Forbes, blockchain infrastructure company Fireblocks has reached an agreement to acquire crypto accounting platform TRES Finance for $130 million in cash and equity. This is Fireblocks’ second acquisition in three months, after purchasing crypto wallet startup Dynamic for approximately $90 million in October last year. Fireblocks co-founder and CEO Michael Shaulov stated that acquiring TRES will help the company offer a more complete capital management solution for enterprise clients.

This series of acquisitions demonstrates Fireblocks’ rapid vertical integration within the industry. The October acquisition of Dynamic provides wallet infrastructure, addressing user identity verification and login issues. The January acquisition of TRES Finance focuses on backend accounting and compliance, transforming blockchain data into traditional financial reports. The two deals total approximately $220 million, reflecting Fireblocks’ strategic ambitions in the institutional market.

Fireblocks is a leading provider of crypto asset custody and transfer infrastructure, serving over 1,800 institutional clients, including banks, exchanges, hedge funds, and Web3 companies. Its core products are digital asset wallets and transfer networks supported by multi-party computation (MPC) technology. However, custody and transfer services alone no longer meet the full needs of institutional clients—they also require front-end user experience solutions (Dynamic) and backend compliance reporting (TRES).

Strategically, Fireblocks is building a “custody + wallet + accounting” trifecta solution. This vertical integration enables end-to-end enterprise-grade services, reducing the complexity for clients who otherwise need to coordinate multiple vendors. For traditional financial institutions preparing to enter crypto, a one-stop solution is far more attractive than single-point products.

Fireblocks’ three-month acquisition strategy puzzle

October: Acquisition of Dynamic ($90 million): Solving front-end user identity verification and wallet login

Core business (custody and transfer): MPC-supported asset custody and cross-platform transfer network

January: Acquisition of TRES ($130 million): Solving backend accounting, compliance, and financial reporting

Strategic goal: Build end-to-end institutional-grade crypto infrastructure to capture the traditional finance market

Why is TRES Finance valued at $130 million?

Founded in 2022, TRES Finance’s platform helps CFOs and accountants track crypto asset flows across multiple platforms and wallets. Its clients include venture capital firm CoinFund, analytics platform Nansen, and the team behind crypto wallet Phantom. TRES completed a $11 million funding round at the end of 2023, and its co-founder and CEO Tal Zackon stated that the acquisition price exceeds the company’s recent valuation.

The $130 million purchase price represents a premium of over 10 times the $11 million funding amount. This premium reflects the scarcity of crypto accounting solutions and TRES’s technological barriers. According to Fireblocks’ press release, over 230 companies use TRES for tax compliance, reconciliation, and financial controls, including Finoa, Alchemy, and Wintermute.

TRES’s core value lies in solving pain points in crypto accounting. Traditional accounting software like QuickBooks or SAP cannot handle the complexity of blockchain transactions. Crypto assets are dispersed across multiple chains, wallets, and DeFi protocols, making manual tracking nearly impossible. TRES connects to major blockchains and exchanges via APIs, automatically fetching transaction data, classifying it according to accounting standards, and generating audit-ready financial reports.

As the crypto market matures, enterprises are gradually moving from the gray area to regulated environments. With increasing adoption and the implementation of regulations like MiCA worldwide, compliance becomes essential. The ability to combine on-chain data with traditional audit standards is also continuously improving. TRES aims to help crypto-native companies and traditional institutions produce structured, compliant financial records from blockchain activity—an often customized infrastructure and manual reconciliation task.

Companies expanding into new markets or preparing for IPO face pressure to provide audit-ready records. TRES converts dispersed blockchain data into reports consistent with existing enterprise systems, facilitating this process. This capability is especially critical for crypto companies preparing for IPOs, where strict financial transparency is required for listing reviews.

Fireblocks’ institutional strategy and market positioning

TRES will continue to operate as an independent product, with Fireblocks supporting its growth and deeper integration into enterprise workflows. This “acquire but keep independent” strategy is common in tech M&A, aiming to preserve the acquired company’s innovative culture and brand value while leveraging the acquirer’s resources and customer network to accelerate growth.

This acquisition follows Fireblocks’ October purchase of Dynamic, a developer platform with clients including Kraken, Magic Eden, and Ondo Finance. Dynamic’s wallet login and identity verification infrastructure, combined with TRES’s compliance capabilities, enable Fireblocks to offer a full-stack service from front-end user experience to back-end financial reporting for institutional clients.

From a competitive perspective, Fireblocks is competing with Coinbase Prime, BitGo, Anchorage Digital, and others for the institutional custody market. Pure custody services have fallen into price wars, making value-added services the key differentiator. Fireblocks’ rapid acquisitions help fill gaps and build competitive barriers. If executed well, this strategy could solidify its leadership position in the institutional market.

Overall, Fireblocks’ $130 million acquisition of TRES Finance is a key step in its institutional strategy. As crypto compliance requirements increase, accounting and financial reporting capabilities will become necessary for institutional adoption. TRES’s 230 enterprise clients and technological strengths make it a prime target in this space.