Coinbase and Mastercard in $2 billion bidding race for stablecoin firm BVNK: report
Coinbase and Mastercard are separately pursuing the acquisition of London-based stablecoin startup BVNK, according to a report from Fortune.Citing anonymous sources familiar with the deals, the report said the two companies have held advanced discussions on the acquisition, with the sale price projected to range from $1.5 billion to $2.5 billion. While discussions are not yet final, Fortune reported that Coinbase appears to have the upper hand over Mastercard. If completed, this would be the largest acquisition of a stablecoin company to date, surpassing Stripe's $1.1 billion acquisition of stablecoin payments platform Bridge in October 2024."We don't comment on rumors or speculation," a Coinbase spokesperson told The Block. BVNK and Mastercard have not responded to The Block's request for comment.Founded in 2021, BVNK provides stablecoin payment infrastructure to enterprise clients, including Worldpay, Flywire, and dLocal. It claims to process over $20 billion annually. Citi Ventures recently made a strategic investment in the company, signifying the rising institutional interest in stablecoins.This surge of interest followed the passage of the GENIUS Act in the U.S. in July, which established a fundamental set of rules for dollar-pegged stablecoins. Earlier in June, USDC issuer Circle Internet Group completed its initial public offering on the NYSE, with its price soaring 118% since its debut.Earlier this month, the stablecoin market reached a new milestone, surpassing a total market capitalization of $300 billion, signaling its continued maturation.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.