Coinbase Global Inc. (Nasdaq: COIN) is reportedly in advanced negotiations to acquire BVNK, a London-based stablecoin infrastructure startup, in a deal valued at roughly $2 billion, according to a Bloomberg report citing people familiar with the matter. The talks, which are said to be in the “late stage” pending due diligence, were first reported by Bloomberg journalists Olga Kharif and Matthew Monks on November 2, 2025.
Coinbase's Growing Stablecoin Bet
The potential acquisition marks Coinbase’s most aggressive move yet into the stablecoin ecosystem, an area where the exchange already generates nearly 20% of its revenue. Coinbase Ventures, the company’s venture capital arm, is already an investor in BVNK, signaling a deepening strategic relationship. The deal would come on the heels of landmark stablecoin regulations passed by the U.S. Congress in July 2025, which provided clearer legal frameworks for issuers and intermediaries.
What BVNK Brings to the Table
Founded in London, BVNK provides payment infrastructure that enables merchants to accept and settle transactions using stablecoins. Its technology bridges traditional finance and blockchain-based payments, allowing businesses to process invoices, payouts, and cross-border transfers with lower costs and faster settlement. The startup counts heavyweight backers including Citi Ventures, Haun Ventures, and Visa, reflecting strong institutional interest in stablecoin payment rails.
Integrating BVNK’s platform would supercharge Coinbase Business, a recently launched suite for crypto-powered invoicing and payment solutions. For Coinbase, which has been diversifying away from its reliance on trading fee revenue, the acquisition would build a recurring revenue stream from transaction fees on stablecoin payments — a model that could rival traditional card networks.
Strategic Rationale and Market Context
The move aligns Coinbase with a broader industry shift. Giants like Visa, Mastercard, and Citi are all exploring blockchain-based settlement systems, and stablecoins are increasingly viewed as a legitimate medium for everyday payments. By acquiring BVNK, Coinbase would gain proprietary infrastructure and a ready-made merchant network, leapfrogging rivals in the race to dominate crypto payments.
For BVNK, the deal offers a liquidity event for its investors and founders, while Coinbase gains technology, talent, and a head start in a market projected to grow exponentially. The estimated $2 billion price tag reflects the premium placed on infrastructure that can seamlessly connect legacy finance with the next generation of money.
Regulatory Tailwind
The stablecoin regulatory clarity provided by the new U.S. law has removed a major uncertainty for such large-scale M&A. The law mandates full reserve backing and transparency requirements, which BVNK already complies with, making it an attractive target. If the acquisition closes, it could trigger a wave of consolidation in the stablecoin infrastructure space.
Neither Coinbase nor BVNK have officially commented on the report. However, insiders suggest that if due diligence proceeds smoothly, a public announcement could come before the end of 2025.