Coinbase is reportedly in late-stage talks to acquire BVNK, a London-based stablecoin infrastructure startup, for approximately $2 billion. According to Bloomberg, the deal could be finalized by the end of 2025 or early 2026. However, the terms are still subject to change, and there is a possibility that the acquisition may not be completed.
BVNK, established in 2021, has quickly become a fintech leader in crypto and stablecoin payments. The company builds stablecoin payment infrastructure for institutional clients, enabling global businesses to send, receive, and settle payments in tokenized dollars and other digital currencies. Its API-based platform allows corporations to handle stablecoin liquidity, convert instantly between digital and fiat currencies, and plug into DeFi yield tools. BVNK's systems bridge the gap between traditional finance and Web3 settlement rails.
For Coinbase, the acquisition could serve as a direct route into the rapidly growing stablecoin settlement market, which processed more than $8 trillion in on-chain transactions in 2024. By adding BVNK's stablecoin payment rails, Coinbase would be extending its ecosystem into on-chain treasury management, remittances, and institutional settlement, essentially completing a full Web3 finance stack.
The potential acquisition aligns with Coinbase's strategy to diversify beyond crypto trading fees and strengthen its position in digital payments. Stablecoins, which made up nearly 20% of Coinbase's third-quarter revenue, are central to this shift. This acquisition would give Coinbase direct access to BVNK's merchant network, banking partners, and compliance technology, enabling faster and more cost-efficient money movement between crypto and fiat currencies. BVNK's tech offers instant fiat-stablecoin conversion and automated compliance tools ease regulatory hurdles.
Coinbase Ventures, the venture capital arm of Coinbase, is already an investor in BVNK. In December 2024, BVNK closed a $50 million Series B round, which included participation from Coinbase Ventures.
The BVNK talks come amid a surge in stablecoin-focused deals, sparked by the first major U.S. regulation passed in July 2025 to govern stablecoins. That legal clarity has encouraged traditional finance players like Visa, Mastercard, and large banks to explore blockchain-based solutions for faster, cheaper payments. Sources familiar with the deal also told Fortune that Mastercard has been involved in parallel discussions related to the same technology stack, highlighting growing institutional competition in the stablecoin payments space.
If completed, the BVNK buyout would be Coinbase's largest fintech acquisition since its public debut, reflecting growing institutional confidence in stablecoins, blockchain-based assets pegged to fiat currencies.
