The planned $2 billion acquisition of BVNK by Coinbase, a stablecoin infrastructure company, has collapsed, ending what could have been one of the biggest deals in crypto history. The decision, taken during the due diligence phase, was mutual according to the two companies.
In brief
- Coinbase and BVNK have mutually agreed to end their acquisition negotiations at the due diligence stage, after signing an exclusivity agreement in October 2025.
- The deal could have boosted Coinbase's stablecoin revenue to $246 million, or 19% of its total third-quarter revenue of $1.9 billion.
- BVNK, backed by Citi Ventures and Visa, will now reevaluate its growth strategy after failed negotiations with Coinbase and Mastercard.
- With BVNK out of the game, Coinbase could aim for further partnerships or acquisitions to strengthen its institutional presence in the stablecoin market.
Negotiations end between Coinbase and BVNK after exclusive agreement
Fortune reported on Tuesday that Coinbase and BVNK signed an exclusivity agreement in October, before entering the final stages of negotiations. A Coinbase spokesperson confirmed that discussions had ended, adding that the company would continue to seek new growth opportunities in the stablecoin market.
We continually seek opportunities to expand our mission and product offerings. After considering a possible acquisition of BVNK, both parties mutually agreed not to proceed further.
Coinbase spokesperson
If it had succeeded, the acquisition of BVNK would have been Coinbase's second-largest deal, following its purchase of crypto derivatives exchange Deribit for $2.9 billion in August. This operation aimed to expand services related to stablecoins in the face of growing institutional demand for these digital assets.
Stablecoins have grown considerably as global payment companies, such as Western Union, MoneyGram or SWIFT, integrate them into their cross-border payment systems. The market, valued at approximately $312 billion, benefits from recent US legislation such as the GENIUS Act and projections from the Treasury Department, which estimates it could reach $2 trillion by 2028.
Failed merger reflects institutional race to capture stablecoin growth
A deal with BVNK could have increased Coinbase's share of revenue from stablecoin operations, already valued at $246 million, or 19% of its third-quarter total of $1.9 billion. With the acquisition now shelved, Coinbase could redirect its resources toward other partnerships or potential acquisitions in the same industry.
Key details on the failed deal:
- Coinbase and BVNK mutually terminated acquisition negotiations during due diligence.
- The exclusivity agreement was signed in October 2025.
- BVNK develops an infrastructure allowing companies to issue and manage their stablecoins.
- Coinbase is strengthening its institutional presence since acquiring Deribit.
- The move illustrates Wall Street's growing interest in stablecoin technology.
BVNK now plans to re-evaluate its strategic options, after previous discussions with Mastercard also failed. The company remains well capitalized, supported by Citi Ventures and Visa, who continue to support its expansion ambitions.
Founded in 2021 and based in the United Kingdom, BVNK processes over $20 billion in transaction volume annually. The company hoped the deal with Coinbase would accelerate its global growth. But for now, the two companies are pursuing distinct trajectories, in a rapidly evolving stablecoin market.
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