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Coinbase has ended its acquisition talks with BVNK, which processes over $20 billion annually for global payment services. Both parties mutually agreed to walk away, allowing other companies like Mastercard to pursue BVNK. The reasons for the decision were not disclosed.
Coinbase is negotiating to buy BVNK, a startup focused on stablecoin infrastructure, for around $2 billion. The deal is nearing completion but still depends on due diligence and could change or fall through. Coinbase Ventures has already invested in BVNK.
Coinbase and Mastercard are in a bidding war for the stablecoin startup BVNK, with the sale price estimated between $1.5 billion and $2.5 billion. Following the recent passage of the GENIUS Act, interest in stablecoin firms has surged, positioning Coinbase as the frontrunner in the acquisition.