/ Pre-IPO Risk Index / Fireblocks

Fireblocks

Crypto Infrastructure · Pre-IPO · $8B (Q1 2022, secondary 2024 modest reset)
B-

Good (B-) — Round Z Pre-IPO Risk Grade

Fireblocks operates institutional crypto custody and transfer infrastructure, serving major exchanges, banks, and fintechs. Strong enterprise customer base; clean governance; survived crypto winter 2022-2024 with conservative discipline.

76
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Governance Risk
B
Valuation Methodology
B-
Secondary Liquidity
B-
Financial Disclosure
B-
Exit Probability
B-
/ Public-Record Events

Key risk events & disclosures.

  • Strong institutional customer base: BNY Mellon, Revolut, BlackRock spot ETF custody
  • $8B 2022 valuation; modest secondary reset 2024
  • Survived crypto winter with conservative discipline
  • Banking-crypto integration cycles drive revenue trajectory

/ Best for

Investors seeking crypto-custody-infrastructure exposure with strong institutional customer moat and conservative cycle management.

/ Watch out for

BitGo, Coinbase Custody, and Anchorage Digital competitive pressure in institutional custody.