Coinbase & BVNK Abandon $2B Mega-Deal at the Finish Line – What Went Wrong?

Just when Wall Street thought crypto's biggest players were playing nice, the $2 billion marriage between Coinbase and BVNK collapsed in the eleventh hour.

Deal graveyard gets richer

Sources whisper about regulatory cold feet and last-minute valuation gaps—because nothing says 'crypto maturity' like torpedoing a done deal over spreadsheet squabbles. The industry's 'grown-up' phase still looks suspiciously like a teenager burning cash on Lamborghinis.

Meanwhile, traders shrug and BTC keeps pumping. Some things never change.

In brief

• Coinbase and BVNK mutually ended acquisition talks during due diligence after signing an exclusivity deal in October 2025.
• The deal could have boosted Coinbase’s $246M stablecoin revenue, which made up 19% of its Q3 total of $1.9B.
• BVNK, backed by Citi Ventures and Visa, will reassess its growth plans after talks with Coinbase and Mastercard collapsed.
• With BVNK off the table, Coinbase may target new partnerships or acquisitions to expand its institutional stablecoin footprint.

Negotiations End Between Coinbase and BVNK After Exclusive Agreement

Fortune reported on Tuesday that Coinbase and BVNK had signed an exclusivity agreement in October, prior to entering the final phase of negotiations. A Coinbase spokesperson confirmed that the talks had ended, adding that the company will continue pursuing growth opportunities in the stablecoin market.

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.

Had it proceeded, the BVNK acquisition WOULD have been Coinbase’s second-largest deal, following its $2.9 billion purchase of crypto derivatives exchange Deribit in August. The move was designed to expand Coinbase’s stablecoin services amid surging institutional demand for these digital assets.

Stablecoins have gained significant momentum as global payment firms, including Western Union, MoneyGram, and SWIFT, incorporate them into cross-border payment systems. The market, valued at roughly $312 billion, has been buoyed by recent U.S. legislation such as the GENIUS Act and Treasury Department projections suggesting it could reach $2 trillion by 2028.

Failed Merger Reflects Institutional Scramble to Capture Stablecoin Growth

A deal with BVNK could have boosted Coinbase’s revenue from stablecoin operations, which accounted for $246 million, or 19%, of its $1.9 billion total in the third quarter. With the acquisition now off the table, Coinbase may redirect resources toward other potential partnerships or acquisitions in the same sector.

Key details about the failed deal:

• Coinbase and BVNK mutually agreed to end acquisition talks during due diligence.
• The exclusivity agreement was signed in October 2025.
• BVNK builds infrastructure that helps companies issue and manage stablecoins.
• Coinbase has been expanding its institutional presence since acquiring Deribit.
• The decision reflects broader Wall Street interest in stablecoin technology.

BVNK now plans to reassess its strategic options after earlier talks with Mastercard also collapsed. The company remains well-capitalized, with backing from Citi Ventures and Visa, which continue to support its expansion plans.

Founded in 2021 and based in the UK, BVNK processes more than $20 billion in annual transaction volume. The company had hoped the Coinbase deal would accelerate its global growth. But for now, both firms are moving on to pursue separate strategies in the rapidly evolving stablecoin market.

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