Coinbase has called off its planned $2 billion acquisition of BVNK. The decision, confirmed by a spokesperson for the crypto exchange to Fortune, followed the completion of due diligence and the entry into a period of exclusivity in October 2025.
Details of the Terminated BVNK Deal
The acquisition talks between Coinbase and BVNK had reached advanced stages, with BVNK fielding offers not only from Coinbase but also from major payments companies such as Mastercard. The proposed acquisition aimed to expand Coinbase’s stablecoin and payments infrastructure capabilities, giving the exchange a deeper reach into cross-border stablecoin payments and expanding its client base among financial institutions.​
The exclusivity agreement meant BVNK could not entertain offers from other bidders, but despite these moves, both companies mutually agreed to terminate discussions. No public reason for the dissolution is available beyond a statement from Coinbase highlighting its ongoing goal of expanding its mission and product offerings, and a brief confirmation from BVNK that it would not proceed.​
If completed, the acquisition would have ranked only behind Coinbase’s $2.9 billion purchase of Deribit in terms of scale and would have made Coinbase the largest crypto-native acquirer in the stablecoin infrastructure space.
Competitive Landscape
The decision to withdraw from the BVNK agreement coincides with a larger trend of stablecoin-related mergers and acquisitions. As stablecoin usage and volumes increase globally, other companies, including Mastercard, have shown significant interest in acquiring infrastructure providers. Large fintechs, banks, and cryptocurrency exchanges have an urgency to pursue growth and compliance through acquisitions due to recent laws and regulatory clarification.​
Although Coinbase’s plans to expand into stablecoin infrastructure are on pause following the deal’s failure, the business could continue seeking opportunities in this rapidly changing industry. Since it has attracted interest from both international payments and cryptocurrency companies, BVNK remains a desirable target for strategic partners.
High competition, changing regulatory constraints, and the intricate due diligence process required for major fintech acquisitions are highlighted by the deal’s mutual abandonment. Both Coinbase and BVNK are likely to pursue further alliances and strategies as stablecoin payments continue to grow, aiming to gain market leadership.
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