Coinbase Global has abandoned its plan to acquire BVNK, a London-based fintech that builds infrastructure for stablecoin payments and transfers. The deal, valued at around $2 billion, would have been one of the largest acquisitions in the stablecoin sector to date.
In a statement, a Coinbase spokesperson said the decision was mutual:
“We’re continuously seeking opportunities to expand on our mission and product offerings. After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”
The companies had entered exclusive talks in October, preventing BVNK from engaging with other potential buyers. Negotiations had reportedly reached an advanced stage and were expected to conclude by late 2024 or early 2025. Coinbase did not respond to further requests for comment.
Major Stablecoin Deal Falls Through
The decision ends what could have been a landmark transaction in the stablecoin industry, nearly doubling the size of Stripe’s $1.1 billion purchase of Bridge earlier this year. BVNK enables businesses to use stablecoins for international payments and settlements, a growing area of competition among financial technology firms.
Coinbase’s interest in BVNK was notable because Coinbase Ventures is already an investor in the company, alongside Haun Ventures, Tiger Global, and the venture arms of Visa and Citi. BVNK last raised $50 million in December, valuing the firm at about $750 million.
What Happens Next
Analysts say Coinbase’s decision could allow BVNK to attract new suitors. Both Coinbase and Mastercard had reportedly explored potential bids, reflecting rising interest in stablecoin payment networks.
The move also clarifies Coinbase’s short-term focus. The company remains a key player in stablecoin trading and infrastructure but may now pursue smaller acquisitions or partnerships instead of large takeovers.
Meanwhile, BVNK continues to operate independently in a rapidly expanding market for blockchain-based settlement solutions.
