Main highlights
- Latest report suggests Coinbase acquisition deal for BVNK has been called off
- The deal was valued at nearly $2 billion and was supposed to be the largest transaction in the crypto space.
- Coinbase was planning to acquire BVNK to gain control of the fast-growing stablecoin sector, which is currently worth around $317 billion.
Coinbase Global, a major cryptocurrency exchange, has reportedly concluded negotiations to acquire BVNK, a London-based stablecoin infrastructure provider.
Scoop: Coinbase and bvnk’s nearly $2 billion deal has failed. A Coinbase spokesperson confirmed to me that negotiations have concluded. pic.twitter.com/g7bRDDjMCH
— Ben Weiss (@bdanweiss) November 11, 2025
The deal, which was worth nearly $2 billion, suddenly collapsed after both parties mutually agreed to halt the process, according to Fortune author Ben Weiss.
A Coinbase spokesperson confirmed the conclusion of discussions with Ben Weiss and said that while the company is always looking for ways to grow, this particular acquisition will not move forward.
“We continually seek opportunities to expand our mission and product offerings,” a Coinbase spokesperson said in the report. “After discussing the potential acquisition of BVNK, both parties have agreed not to move forward.”
Although the termination of the acquisition negotiations will not disrupt Coinbase’s operations, it may affect the company’s dream of rapid growth in the stablecoin market through the acquisition of BVNK.
The acquisition talks were first reported in late October. This was supposed to be one of the biggest deals in the history of the crypto sector. Some reports suggested that these acquisition negotiations were at an advanced stage, including exclusive negotiations and a period of due diligence. Many had expected a deal could be completed by the end of 2025 or early 2026.
News of its collapse had an immediate impact on the market, as the cryptocurrency exchange’s own stock price fell by 4.38% on the daily chart.
Why Coinbase wanted BVNK
The main motivation behind the acquisition was to use stablecoins to transform the cryptocurrency exchange from a simple trading platform to a leading platform for digital payments.
The financial world has witnessed a boom in the stablecoin market since US President Donald Trump signed the GENIUS Act, the first law for the crypto market. According to CoinMarketCap, the total stablecoin market is currently worth $313.76 billion. A stablecoin is a digital currency pegged to a traditional currency such as the US dollar. These digital currencies are now becoming a new world of digital assets that allow faster and cheaper transactions.
For Coinbase, stablecoins are already a major source of revenue. The company is a co-issuer of USDC, the second largest stablecoin with a market capitalization of $76 billion.
By acquiring BVNK, the cryptocurrency exchange wanted to build a more powerful infrastructure for large-scale business applications. This could help them penetrate deeper into the digital payments space. This includes improving services for cross-border remittances, corporate financial management, and merchant payments.
BVNK has earned a reputation for offering what it calls “stablecoin rails.” This is an important behind-the-scenes technology that allows digital dollars to be used for practical purposes. The company’s platform allows businesses to accept stablecoins as payments and instantly convert those funds into traditional currencies. It also provides tools to manage international finances according to the complex compliance rules of different countries.
Stablecoin market growth in 2025
Amid major regulatory developments such as the GENIUS Act, the stablecoin industry is experiencing explosive growth. Stablecoins are no longer treated as a niche product used only within the cryptocurrency industry, as they are rapidly becoming part of the global financial world.
According to a report from FXC Intelligence, The cross-border payments market is expected to reach $290 trillion by 2030.
Major banks such as JPMorgan and a consortium of European financial institutions are currently using their own stablecoins to settle transactions instantly. Major payment companies such as Visa and Mastercard are also integrating stablecoins into their global networks, allowing people to use them anywhere traditional cards are accepted.