Coinbase scuttles $2 billion deal to acquire stablecoin startup BVNK
Coinbase has abandoned plans to buy UK-based stablecoin infrastructure firm BVNK, ending what had been advanced discussions over a potential $2 billion acquisition.The news was first reported by Fortune and confirmed via a Coinbase spokesperson who told The Block: "After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”In early October, Coinbase and Mastercard were both exploring bids for BVNK, with the exchange reportedly entering into an exclusivity agreement before talks were ultimately called off.The proposed deal was part of a wave of high-value acquisitions targeting stablecoin infrastructure.In 2024, Stripe acquired Bridge for about $1.1 billion, while Mastercard is now reportedly in talks to purchase Zerohash for between $1.5 billion and $2 billion.Coinbase, like many well-capitalized crypto natives, has gone on an M&A spree during President Trump’s second term. In August, the exchange acquired derivatives trading platform Deribit for $2.9 billion.Coinbase was once half of the now-defunct CENTRE Consortium that created the USDC stablecoin and maintains a close relationship with its issuer, Circle.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.