$2B Coinbase–BVNK ...

$2B Coinbase–BVNK Stablecoin Deal Collapses After Exclusive Talks

By Jody McDonald November 12, 2025 In Citi, Coinbase, Stablecoins

Coinbase platform for cryptocurrency trading, investment, and secure digital asset management in the global digital finance industry. — Source:AdobeStock

Acquisition talks between Coinbase and UK-based stablecoin infrastructure startup BVNK, valued at a reported US$2 billion, have collapsed.
It had earlier appeared that the parties were close to a deal after entering into an exclusivity arrangement in October.
The deal would have been among the largest acquisitions of a stablecoin startup, dwarfing Stripe’s US$1.1 billion acquisition of Bridge earlier this year.

Acquisition talks between Coinbase and UK-based stablecoin infrastructure startup BVNK have fallen through, according to a Tuesday report from Fortune. The proposed acquisition deal would have seen Coinbase acquire BVNK for an estimated US$2 billion (AU$3b).

“We’re continuously seeking opportunities to expand on our mission and product offerings,” a Coinbase spokesperson told Fortune. “After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”

Before collapsing, the talks had seemingly been going well and it looked like the parties were close to making a deal, possibly as soon as Q4 of this year. In late October it was announced BVNK had entered into an exclusivity arrangement with Coinbase, meaning the startup couldn’t negotiate with any other parties, signalling the deal was virtually done — subject to due diligence.

It hasn’t been disclosed why the deal suddenly fell through, but it could be that Coinbase found something it didn’t like during its due diligence process.

If it had proceeded, it would have been one of the largest ever acquisitions for a stablecoin startup. The deal was almost double the size of Stripe’s US$1.1 billion acquisition of stablecoin startup, Bridge, in February.

BVNK hasn’t yet commented publicly.

Coinbase Partners With Citi to Supercharge Payments

In news of other Coinbase growth initiatives, last month the exchange announced a new partnership with Citi to offer 24/7 digital asset payments to institutions. It’s a move Coinbase claims will enhance existing settlement arrangements partially through using blockchain technology.

The project will initially focus on streamlining Coinbase’s own on- and off- ramping systems and on improving payment orchestration for Citi’s institutional clients. Eventually, the new payment system will also include the use of stablecoins to bridge fiat and blockchain settlement, with updates expected on this front in the coming months.

“Citi’s global network and expertise in payments make them an ideal partner as we work to advance digital asset capabilities,” said Brian Foster, Global Head of Crypto as a Service at Coinbase.

“By combining their reach with Coinbase’s leadership in digital assets, we’re creating solutions that can simplify and expand access to digital asset payments.”

Citi’s Head of Payment, Debopama Sen, said partnering with Coinbase allows the firm to engage with blockchain-based payment solutions and offer new payment options to their ‘network of networks’.

With more than 300 payment clearing networks across 94 markets globally, we see collaborating with Coinbase as a natural extension of our ‘network of networks’ approach, further supporting our clients to make payments as if there were no borders.