Fireblocks Buys TRES Finance for $130M to Bridge Crypto Accounting Gap

The core driver behind Fireblocks’ acquisition of TRES Finance is a fundamental disconnect in the enterprise crypto workflow. While blockchain infrastructure excels at securing and moving digital assets, the resulting transaction data exists as operational records, not the structured financial records required for accounting, tax, and audit compliance. TRES Finance specializes in converting this raw on-chain activity—across multiple wallets, blockchains, and custodians—into standardized reports that integrate with enterprise systems like general ledgers and ERP software.

“Both crypto-native firms and traditional institutions need clear, accurate accounting and auditability,” Fireblocks CEO Michael Shaulov stated, framing the acquisition as a solution to collapse previously siloed functions. By embedding TRES’s capabilities, Fireblocks aims to offer clients a unified platform where they can “run both their digital asset operations and get the financial intelligence they need on one secure, compliant, scalable stack.” The $130 million valuation reflects the premium placed on solving this reconciliation challenge for a client base of exchanges, banks, asset managers, and fintech firms.

The urgency for integrated financial reporting is being fueled by explosive growth in on-chain enterprise activity, particularly involving stablecoins. Fireblocks itself highlighted the market need, noting that “stablecoin settlements exceed hundreds of billions monthly” and that enterprises are running “entire treasury flows onchain.” Data from venture firm a16z quantifies this surge: adjusted stablecoin transaction volume, which excludes bot-driven activity, reached approximately $9 trillion over the past year, an 87% increase from the prior period.

This adjusted volume now surpasses the total transaction volume of payments giant PayPal and represents more than half of Visa’s volume, signaling stablecoins’ rapid ascent as a settlement layer. Financial intelligence firm Moody’s, in a 2026 forecast, noted that regulated stablecoins “could gain greater prominence in settlements for tokenized funds and digital securities,” especially as AI drives more automated, high-frequency transactions. This trajectory creates a clear commercial imperative for infrastructure providers like Fireblocks to offer end-to-end solutions that support audit and compliance at scale.

While vertical integration promises efficiency, industry experts caution it introduces new governance complexities. Wesley Crooks, CEO of blockchain engineering firm FP Block, explained that combining custody, execution, and accounting—traditionally separate functions with independent controls—shifts rather than eliminates risk. “When those layers are combined, governance and oversight must be made explicit,” Crooks told Decrypt. The critical question, he added, is “whether institutions maintain sufficient internal checks during incidents, disputes, or audits.”

Furthermore, the path to product standardization faces headwinds from fragmented global regulation. Accounting frameworks and tax treatments for digital assets remain uneven across jurisdictions, meaning platforms must navigate a patchwork of rules. Wook Lee, CEO of regulated digital securities infrastructure provider EDENA Capital Partners, framed this as an evolution: vertical integration can help “establish accountability and regulatory trust” in early adoption phases. However, as markets mature, “interoperability becomes essential,” requiring systems that “can connect seamlessly across jurisdictions.” Moody’s echoed the regulatory imperative, warning that broader stablecoin adoption will heighten scrutiny around reserves, governance, and financial stability, making regulatory clarity and operational standards critical for long-term viability.

Fireblocks’ acquisition of TRES Finance is therefore a calculated bet on the next phase of institutional crypto adoption. It addresses an immediate, painful gap for clients managing billions in on-chain flows while navigating a landscape where integrated platforms must build robust governance for the combined risks they now manage. The success of this $130 million integration will be measured not just by streamlined operations, but by its ability to withstand the intense audit and regulatory scrutiny that accompanies mainstream financial activity.