Coinbase Global has said it will not proceed with plans to acquire BVNK, a London-based stablecoin infrastructure startup, unwinding what had been a roughly $2b transaction.
“We’re continuously seeking opportunities to expand on our mission and product offerings,” a Coinbase spokesperson told outlets. “After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”
Talks had advanced in recent weeks. Fortune reported the companies were in late-stage discussions pending due diligence, and the firms entered exclusivity in October, which barred BVNK from engaging other bidders.
It was not immediately clear why the deal collapsed. The deal was expected to be closed later this year or early next, given the pace of diligence and the exclusivity terms.
Coinbase didn’t return Cryptonews’ request for comment by press time.
Coinbase Deal Collapse Terminates What Could Have Been Largest Stablecoin Acquisition Yet
The move ends what would have been one of the largest stablecoin-focused acquisitions to date. BVNK helps customers use stablecoins for payments and cross-border transfers, and had become a target as exchanges and payments companies race to build settlement rails around dollar-linked tokens.
For scale, Stripe paid about $1.1b to acquire stablecoin startup Bridge in a deal that closed in February. At $2b, the BVNK purchase would have nearly doubled that price tag.
Coinbase’s interest came with an inside view. Coinbase Ventures is an investor in BVNK, alongside Haun Ventures, Tiger Global, and the venture arms of Visa and Citi. BVNK raised $50m in December and was valued at roughly $750m at the time.
BVNK May Attract New Suitors After Coinbase Walks Away From $2B Deal
Fortune previously noted both Coinbase and Mastercard were in advanced discussions about a BVNK deal, signaling strong demand for assets that can speed settlement and lower costs in global payments.
The decision now removes a key uncertainty from Coinbase’s short-term strategy. Even so, the exchange remains central to rising stablecoin flows. Meanwhile, BVNK continues to be well-funded and active in a market still attracting major buyers.
Looking ahead, investors will be watching closely. BVNK may reopen talks with new bidders, while Coinbase could turn its focus to smaller acquisitions or partnerships to expand its stablecoin and payments business.
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