Coinbase Withdraws Its Proposed $2B Deal to Acquire BVNK
Coinbase Withdraws Its Proposed $2B Deal to Acquire BVNK
Coinbase has ended negotiations to acquire BVNK, a UK-based stablecoin payments infrastructure provider. The planned $2B deal - which had reached an exclusivity agreement in October - will not move forward. Both companies mutually agreed to stop discussions, and no reason has been disclosed.
Key Highlights of the News
Exclusivity Agreement and Negotiations: Talks began earlier this year and advanced to an exclusivity deal in October, which prevented other interested buyers - including Mastercard - from entering discussions with BVNK.
Financial Size and Scale of BVNK: BVNK processes more than $20B annually for global enterprises and payment providers such as Worldpay, Flywire, and dLocal. Its platform supports sending, receiving, converting, and storing stablecoins and fiat through a unified, compliant wallet.
Deal Valuation: The acquisition was expected to value BVNK between $1.5B and $2.5B, marking one of the largest potential M&A deals in the stablecoin infrastructure space.
Strategic Implications for Coinbase: Buying BVNK would have expanded Coinbase’s cross-border payments capabilities and strengthened its merchant services. BVNK’s infrastructure aligned closely with Coinbase’s broader strategy around USDC.
Market Dynamics Post-Cancellation: With Coinbase stepping back, other suitors - especially Mastercard - may re-engage. This could shift competitive dynamics across stablecoin payments and enterprise digital currency infrastructure.
