Global Coinbase said it will not pursue plans to acquire London-based stablecoin infrastructure company BVNK, pulling out of a $2 billion deal. “We continue to seek opportunities to expand our mission efforts and product offerings,” a Coinbase spokesperson told media, adding: “After discussing the acquisition of BVNK, both parties have agreed not to finalize the transaction.”
The talks have progressed well in recent weeks, with Fortune magazine reporting that bilateral negotiations reached an advanced stage pending the completion of due diligence procedures and entered the exclusive negotiation phase in October, which prevented BVNK from exploring further acquisition offers, while the reasons for the failure of the deal were not clearly revealed, which are expected to be concluded this year – or early next year – given the pace of work and the terms exclusive negotiation.
Coinbase has ended acquisition talks with UK-based stablecoin infrastructure company BVNK, which were valued at around $2 billion. A Coinbase spokesperson confirmed to Fortune that the two companies entered an exclusivity period in October and proceeded diligently, but…
-Wu Blockchain (@WuBlockchain) November 11, 2025
For its part, Coinbase did not respond to Cryptonews’ request for comment at the time of publication.
The collapse of the Coinbase deal ends what was poised to become the largest acquisition in the stablecoin sector to date.
The move marked the end of what would have been the largest stablecoin acquisition to date, as BVNK helped its customers use stablecoins to make payments and transact internationally, and became a tempting target as trading platforms and payment service providers raced to establish payment channels that would enable settlement using currencies pegged to the value of the dollar.
In a similar vein, Stripe paid $1.1 billion to acquire Bridge, a stable startup, in February. Therefore, the value of the deal to acquire BVNK would have been close to double its value, and Coinbase’s interest stemmed from an internal view, since Coinbase Ventures, the startup investment arm of Coinbase, has a stake in BVNK alongside Haun Ventures, Tiger Global, and the investment arms of Visa and Citi. BVNK had already raised $50 million in funding in December, with a value estimated at the time at $750 million.
BVNK May Receive New Takeover Offers After Coinbase Withdraws From $2 Billion Deal
Fortune magazine reports that Coinbase and Mastercard are in advanced stages of negotiations for a deal with BVNK, indicating strong demand for assets that can speed up settlement and reduce the cost of completing international transactions.
While the move has cleared up the ambiguity surrounding Coinbase’s near-term approach, the company remains interested in increasing stablecoin transfers through its platform, while BVNK continues to benefit from liquidity reserves and continues to operate in a market that drives the buying appetite of major players.
Going forward, investors will follow new developments with caution. BVNK could reopen new negotiations with new investors who would like to buy it, while Coinbase could focus on smaller acquisitions or partnerships that expand its stablecoin and payments businesses.
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