Coinbase scuttles $2 billion deal to acquire stablecoin startup BVNK
The Block
Coinbase has mutually agreed with BVNK to not move forward with the potential $2 billion acquisition of the UK-based stablecoin infrastructure firm.Summary
Coinbase has called off its planned acquisition of the UK-based stablecoin infrastructure firm BVNK, ending advanced discussions for a potential $2 billion deal. A Coinbase spokesperson confirmed that both parties mutually agreed not to proceed. This proposed acquisition was part of a broader trend of high-value M&A activity targeting stablecoin infrastructure, following Stripe's purchase of Bridge and ongoing talks for Mastercard to buy Zerohash. Coinbase has been active in M&A during President Trump’s second term, notably acquiring Deribit for $2.9 billion in August. Coinbase has historical ties to stablecoins, having been part of the defunct CENTRE Consortium that created USDC.
(Source：The Block)