Coinbase Drops $2B BVNK Deal Amid Stablecoin Shift

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• Coinbase and BVNK ended $2B acquisition talks after due diligence.
  
• The deal would’ve boosted Coinbase’s control over stablecoin payments.
  
• Its collapse signals shifting valuations in crypto infrastructure.

Coinbase has reportedly ended its $2 billion acquisition talks with UK-based fintech BVNK, according to Fortune. The companies had entered into exclusive negotiations and completed due diligence before mutually agreeing to terminate discussions. BVNK confirmed the decision, describing it as “mutual and amicable.”

BVNK builds stablecoin payment infrastructure for enterprises, allowing businesses to use digital assets for cross-border payments and settlements. The deal, if completed, would have marked one of the largest acquisitions in the stablecoin infrastructure sector.

Why the Deal Mattered

For Coinbase, acquiring BVNK would have been a strategic leap—deepening its control over the stablecoin ecosystem alongside its existing partnership with Circle, the issuer of USDC. It would have positioned Coinbase to expand into enterprise payments, connecting digital currencies with traditional financial rails.

At the time of negotiations, BVNK had recently raised $50 million at a $750 million valuation. The proposed $2 billion offer highlighted how aggressively major crypto players are pursuing stablecoin technology as a foundation for the next phase of digital payments.

A Cooling Signal for Stablecoin Valuations

The decision to walk away may reflect shifting valuations and increased caution in large crypto M&A deals. Recent months have seen surging deal activity across the industry, with over $17 billion in announced transactions in 2025 alone. But as deal sizes grow, so do the risks—particularly around regulation and integration complexity.

Had the deal closed, it would have surpassed Stripe’s $1.1 billion acquisition of Bridge in 2024, setting a new record in the stablecoin infrastructure space. Its collapse now leaves both companies reassessing next steps.

What’s Next for Coinbase and BVNK

Coinbase will likely explore smaller acquisitions or strategic partnerships to continue expanding its stablecoin and payments capabilities. BVNK, meanwhile, must return to the market independently after pausing other talks during the exclusivity period.

Also Read: Coinbase Europe Fined €21.5M for AML Failures: $202B in Transactions Reviewed

Despite this setback, the stablecoin sector remains one of the fastest-growing areas in crypto. With a global market cap of roughly $312 billion, stablecoins are increasingly viewed as the bridge between blockchain innovation and mainstream finance.

The end of Coinbase’s talks with BVNK may mark a pause—not a retreat—in the race for stablecoin infrastructure dominance. As regulation tightens and competition rises, the next big move in crypto payments may come from those who can balance innovation with execution.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.