Coinbase Halts Acquisition Talks With U.K. Stablecoin Firm BVNK: Fortune
Coinbase has ended negotiations to acquire U.K.-based stablecoin startup BVNK, pausing what could have been one of the largest mergers in the digital asset payments sector, Fortune reported.
Talks began earlier this year and advanced to an exclusivity agreement in October, with BVNK’s valuation estimated between $1.5 billion and $2.5 billion, according to people familiar with the matter. Coinbase had reportedly been leading the bidding ahead of Mastercard before discussions were terminated.
A Coinbase spokesperson confirmed the deal is “no longer moving forward” but declined to provide further comment.
The acquisition would have bolstered Coinbase’s footprint in global payments and stablecoin infrastructure. BVNK’s cross-border payments and merchant solutions align with Coinbase’s efforts around USDC, issued in partnership with Circle.
If completed, the deal would have been one of the largest M&A transactions in the stablecoin sector, highlighting intensifying competition between fintech and traditional finance players in blockchain settlement systems.
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