Crypto infrastructure startup Zerohash is out raising fresh capital at a valuation north of $1.5 billion, according to people familiar with the matter — a push that comes after payments giant Mastercard abruptly dropped plans to invest in the company.
Why Mastercard pulled out
Mastercard had been in talks to take a stake in Zerohash as part of a broader strategic tie-up. Those discussions fell apart in recent weeks. Neither side has said publicly why the deal collapsed, but the timing isn’t great for a startup that’s been leaning on institutional credibility to win clients. The company now needs to find new backers — fast.
What Zerohash does
Zerohash provides the plumbing that lets banks and fintechs offer crypto services: custody, staking, settlement tools. It’s the kind of backend work that doesn’t make headlines but matters a lot when Wall Street firms start dipping into digital assets. That market is heating up again. Several other infrastructure shops have closed rounds this quarter, and investors are circling the space after a long cold spell.
The valuation question
The $1.5 billion target is ambitious — and about where Zerohash was valued during its last raise in early 2025. That round was led by a group of venture firms, and Mastercard was expected to participate at a similar level. Without that anchor, Zerohash may have to accept a flat or even lower valuation, depending on how desperate it is for cash. The company hasn’t commented on the fundraise or the Mastercard situation.
What’s next
Zerohash is expected to wrap up the new round within the next 60 days. A handful of sovereign wealth funds and large asset managers are said to be kicking the tires. If the deal goes through at the target valuation, it’ll be one of the bigger infrastructure raises of 2026. If it doesn’t, the company may have to rethink its growth plans — or take whatever terms the market offers.
