-100%

est. 2Y upside i

FinTechSeries D+

Rank

#4016

Sector

Fintech

Est. Liquidity

~2Y

Data Quality

Data: Medium

The equity grant at Fireblocks, priced at the stale $8B valuation, offers no upside under reasonable assumptions.

Last updated: July 3, 2026

Bull (10%)-100%

Bull case: exit multiple expands to 8x, yielding exit value $1.42B. Common stock residual $380M after $1.04B preference, a 94.5% loss from entry common equity of $6.96B; 20% dilution pushes loss to 100%.

Base (50%)-100%

Base case: exit multiple converges to 6x (comp range), exit value $1.07B. Common stock residual $30M, a 99.6% loss; 20% dilution results in total loss.

Bear (40%)-100%

Bear case: exit multiple compresses to 3x, exit value $534M. Below $1.04B liquidation preference, common stock recovers nothing; total loss.

Est. time to liquidity~2.0 years

Preference Stack Risk

moderate

Funding Intensity

1300%

Total preferred funding of $1.04B represents 13% of entry valuation, creating a $1.04B liquidation preference overhang for common equity.

Dilution Risk

high

The company may need additional capital before IPO, potentially diluting common holders by 15-25%.

Secondary Liquidity

none

No secondary market activity reported; target IPO for liquidity.

Other — 81 roles

View all 81 open roles at Fireblocks →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Fireblocks's data — designed to show you've done your homework.

  • 1

    “How does Fireblocks plan to defend against traditional finance giants like BNY Mellon entering digital asset custody?”

  • 2

    “What is the revenue split between SaaS and transaction-based fees, and how does the TRES Finance acquisition expand the TAM?”

  • 3

    “Given the 2022 Series E valuation and no secondary marks, how does the company view its current fair value relative to the $8B round price?”

Community

Valuation Sentiment

Our model estimates -100% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.