Coinbase Nears $2B BVNK Deal to Advance Stablecoin Vision
- Coinbase is negotiating a $2B acquisition of BVNK to reinforce its stablecoin strategy.
- The move could strengthen Coinbase’s reach in tokenized payments and asset settlement.
- Analysts see the deal as a key step toward Coinbase’s global infrastructure expansion.
Coinbase Global Inc. is in late-stage negotiations to acquire BVNK Ltd., a London-based stablecoin infrastructure startup, for about $2 billion, according to Bloomberg. The deal, still under due diligence, could close by the end of 2025 or early 2026. While the agreement’s final terms may change, the acquisition would mark Coinbase’s most significant move yet into stablecoin issuance, payments, and real-world asset tokenization.
Expansion Through Stablecoin Infrastructure
By acquiring BVNK, Coinbase intends to integrate these systems into its ecosystem to strengthen on-chain payment solutions and global settlement capabilities. Representatives from BVNK did not immediately respond to requests for comment.
Meanwhile, a Coinbase spokesperson told Bloomberg that the company “does not comment on rumors or speculation.” The spokesperson added that Coinbase continuously explores new opportunities through building, acquiring, partnering, or investing to advance its mission of expanding economic freedom worldwide
Rising Stablecoin Demand After New Regulation
The possible acquisition comes amid a surge in stablecoin-related deals following the first U.S. regulation on the assets, passed in July. The rule has prompted a wave of activity among financial institutions. Visa, Mastercard, and major banks have begun testing blockchain technology for faster and cheaper payments.
Earlier this week, it was reported that Coinbase secured exclusivity in negotiations with BVNK after a competitive bidding process, citing unnamed sources familiar with the talks. The exclusivity gives Coinbase an advantage in completing the acquisition ahead of rival bidders.
The timing also matches Coinbase’s growing focus on stablecoin-related revenue. In its third-quarter earnings report, Coinbase stated that stablecoins and related infrastructure accounted for nearly 20% of total revenue. Analysts view this as a deliberate shift from a retail-driven exchange model toward a broader role as a provider of blockchain-based financial infrastructure.
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Strategic Objectives and Potential Risks
If finalized, the purchase would be a step forward for Coinbase in achieving multiple long-term objectives. It would enable the use of BVNK’s main technology and the issuance and settlement of stablecoins by Coinbase.
Additionally, the combination of BVNK’s payment networks would enable Coinbase to offer direct access to tokenized payment systems for merchants and institutions, thereby reducing their dependence on the traditional banking system. Additionally, the deal also facilitates Coinbase to compete head-on with companies in the fintech and payment sectors that are targeting the blockchain finance space.
According to analysts, entering the infrastructure early could be a regulatory advantage for Coinbase, as different regions establish their rules on stablecoins and digital assets. Being the owner of these systems could ease compliance, grant better control over risks, and expand the business’s global reach.
There are several risks, including market fluctuations, regulatory scrutiny, and challenges in integrating the two companies. Once the merger is completed, Coinbase will have to ensure that BVNK’s activities align with its own standards for compliance, custody, and global operations.
