A Coinbase spokesperson confirmed to Fortune that the cryptocurrency exchange has officially terminated its acquisition discussions with UK-based stablecoin startup BVNK. Coinbase had initially secured exclusive negotiation rights with BVNK after navigating a competitive bidding process.
The acquisition, which was valued at around $2 billion, would have positioned the crypto firm as a significant player in the stablecoin infrastructure landscape, which has been continuously rising throughout the year under President Trump’s administration with the passage of the GENIUS Act.
Coinbase has been actively pursuing high-profile acquisitions to strengthen its core operations. Earlier this year, it completed a $2.9 billion purchase of the crypto derivatives exchange Deribit.
Brian Armstrong, the exchange’s CEO, emphasized this during the firm’s third-quarter earnings call, noting that all recent mergers and acquisitions support the company’s commitment to its core business.
Had the deal with BVNK been finalized, it would have marked a substantial investment in stablecoin infrastructure, nearly doubling the $1.1 billion paid by fintech giant Stripe for another stablecoin startup, Bridge, in February.
Coinbase has been actively working to diversify its revenue beyond traditional trading fees, with stablecoins accounting for approximately 20% of its revenue in the third quarter.
In its latest earnings report, Coinbase exceeded analysts’ expectations with transaction revenue reaching $1.05 billion—up significantly from $572.5 million during the same period last year.
Featured image from Shutterstock, chart from TradingView.com
