Coinbase in Talks to Acquire BVNK in $2 Billion Deal

Coinbase Global Inc., recognized as one of the world's largest cryptocurrency exchanges, is reportedly in the final stages of discussions to acquire BVNK, a London-based stablecoin startup, for approximately $2 billion.

According to a Bloomberg report, while the deal is not yet confirmed, it could be finalized by the end of this year or early 2026, following Coinbase's internal review. The exchange is said to have secured exclusive negotiation rights after a competitive bidding process that included potential buyers like Mastercard. Notably, Coinbase is already an existing investor in BVNK, alongside other prominent firms such as Citi Ventures, Visa, and Haun Ventures.

Neither company has publicly confirmed the transaction. However, a spokesperson for Coinbase stated, “We don’t comment on rumors or speculation. Driven by our mission to expand economic freedom globally, we actively explore various opportunities—whether through building, acquiring, partnering, or investing—to advance our mission.” This statement, which neither confirms nor denies the report, has fueled further speculation that the deal is nearing completion, with only the specific terms and final details remaining to be agreed upon.

Adding to the speculation, Coinbase CEO Brian Armstrong recently reposted an update regarding the exchange's October 2025 activities on X. He commented, “Big month for us at Coinbase. Much more to come – excited to close out 2025 with a bang”. As of now, no direct statements have been made regarding specific upcoming developments.

BVNK's Role in the Crypto Payments Landscape

Founded in 2021, BVNK offers a platform that enables businesses to accept both fiat currencies and cryptocurrencies. Since its inception, the company has secured approximately $90 million in funding and has established a network that bridges traditional financial systems with blockchain technology.

BVNK recently collaborated with Artemis to produce a Stablecoin Payments Report for the crypto data and analytics firm. This partnership highlights BVNK's growing influence in the stablecoin sector.

Furthermore, BVNK has forged new partnerships with payment companies Equal Money and Railsr, both of which have integrated BVNK's infrastructure into their platforms to facilitate instant stablecoin payments. These collaborations demonstrate BVNK's commitment to expanding its reach and utility in the digital payment space.

Should this $2 billion deal be finalized, it would represent one of Coinbase's most significant acquisitions to date. The acquisition could substantially enhance the company's presence in the stablecoin and payment market, potentially leading to the creation of a next-generation payment experience built upon stablecoins, which are digital currencies often pegged to the U.S. dollar.

Coinbase has already seen increased revenue from stablecoin activities. According to its third-quarter shareholder letter, nearly 20% of its total income was generated from stablecoin operations, primarily through USD Coin (USDC). The company shares revenue from USDC with its issuer, Circle Internet Group, and has also partnered with Shopify to enable USDC payments for online merchants.

The Evolving Stablecoin Market Post-GENIUS Act Approval

This strategic move by Coinbase into the stablecoin market occurs shortly after the United States enacted its first stablecoin legislation, the GENIUS Act, in July 2025. This bill establishes the nation's initial federal framework for regulating payment stablecoins. Since its passage into law by President Donald Trump, numerous major financial companies have begun exploring blockchain-based payment systems aimed at facilitating faster and more cost-effective money transfers.

For example, the Visa payment network is expanding its use of stablecoins, driven by significant demand from its customer base, which includes banks and fintech firms. Visa currently supports stablecoins such as USDC, Euro Coin, PayPal USD, and Global Dollar across various blockchain networks, including Ethereum, Solana, Stellar, and Avalanche. The company is also actively testing methods for banks to conduct instant money transfers using tokens like USDC and EURC.

Western Union has also entered this trend, recently announcing its intention to launch its own stablecoin, the U.S. Dollar Payment Token (USDPT), on the Solana blockchain in 2026. Since the GENIUS Act became law, stablecoins have garnered substantial attention, with their total market capitalization now valued at $313 billion, representing a 50% increase this year, according to CoinMarketCap.