Mastercard's BVNK pivot leaves Zerohash hunting fresh capital above $1.5B valuation

Mastercard walked away from a planned investment in Zerohash after completing its $1.8 billion acquisition of UK-based stablecoin infrastructure firm BVNK in March, according to people with direct knowledge of the matter. The payments giant had been in advanced acquisition talks with Zerohash as recently as late 2024, with deal value reportedly reaching up to $2 billion before Zerohash opted to stay independent.

Zerohash is now pursuing a new funding round at a valuation above the $1.5 billion figure discussed in January, when the company was said to be seeking $250 million. The Chicago-based firm was last valued at $1 billion following a $104 million Series D-2 round in September 2025 led by Interactive Brokers, which also brought in Morgan Stanley, Apollo-managed funds and Jump Crypto as new investors.

The company's client roster — Morgan Stanley, Stripe, Interactive Brokers,…