- Coinbase and BVNK mutually ended $2 billion acquisition talks after exclusive negotiations in October.
- BVNK processes $20B annually and may attract new buyers like Mastercard after deal termination.
- The canceled deal frees Coinbase to pursue other stablecoin and payments-related opportunities.
Coinbase Global has ended its $2 billion acquisition discussions with BVNK, the London-based stablecoin payments firm. The companies had reached late-stage due diligence after signing an exclusivity agreement in October. The decision ends what could have been one of the largest stablecoin-focused acquisitions in the digital asset industry.
Coinbase Ends BVNK Deal After Exclusive Negotiations
Coinbase Global will not proceed with its proposed $2 billion acquisition of BVNK, a London-based stablecoin infrastructure firm. The two companies had entered exclusive talks in October but have now agreed to end discussions.
A Coinbase spokesperson said, “After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.” The transaction, once finalized, would have been among the largest in the stablecoin sector. Talks had advanced to late-stage due diligence, and the deal was expected to close later this year or early next.
Fortune reported that Coinbase and BVNK were in exclusive negotiations, preventing BVNK from engaging other bidders during the review period. While the reason for the withdrawal remains unclear, the decision ends what could have been a landmark acquisition in the expanding stablecoin payments market.
BVNK’s Prospects and Stablecoin Market Momentum
Founded in 2021, BVNK provides infrastructure for stablecoin-based payments and cross-border transactions. The company processes over $20 billion annually and counts Visa, Citi Ventures, Haun Ventures, and Coinbase Ventures among its investors. BVNK raised $50 million in December at a $750 million valuation and may now attract new suitors, including Mastercard, which was previously in talks.
At an estimated $2 billion, the BVNK deal would have nearly doubled Stripe’s $1.1 billion acquisition of stablecoin startup Bridge earlier this year. The decision to end talks removes uncertainty from Coinbase’s short-term strategy while freeing capital for other opportunities.
The move comes as global payment firms accelerate acquisitions in the stablecoin space. Mastercard is reportedly in talks to buy infrastructure provider Zerohash for up to $2 billion, while Modern Treasury recently purchased Beam for $40 million. Despite stepping back from BVNK, Coinbase remains active in stablecoin and payments-related ventures.
