Cryptocurrency custody firm Fireblocks dismissed reports it is in talks with Visa (V) to be acquired for $2.5 billion.

Axios, citing multiple unidentified sources, said the company was in late-stage talks with Visa.

“We are aware of the rumors about a possible acquisition of Fireblocks by Visa. This is news to us, and not true at present time,” a Fireblocks spokesperson said soon after the Axios story broke.

Fireblocks specializes in crypto custody using advanced pre-key sharding technologies such as multi-party computation (MPC).

A $2.5 billion purchase would be a marked drop in value since 2022, when Fireblocks raised $550 million at an $8 billion valuation.

That said, smoke has been circulating over the past three or four weeks…