Coinbase Global Inc. is in late-stage negotiations to acquire London-based stablecoin infrastructure startup BVNK in a deal valued at around $2bn, Bloomberg reports, as it pivots deeper into the payments and stablecoin-services space.
Multiple sources familiar with the matter say the deal may close later this year or in early 2026, pending due diligence.
Founded in 2021, BVNK offers infrastructure that lets enterprises accept stablecoins and other digital-asset payments. Investors include Visa Inc., Citi Ventures and Haun Ventures, and the company has raised roughly $90mn in funding.
The acquisition would mark a major shift for Coinbase, which is working to diversify away from trading-fee revenue. The firm reported that stablecoin-related fees accounted for about 20% of total revenue in Q3.
Payments race heats up
The deal comes amid a surge in interest from fintech and traditional finance players in stablecoin infrastructure, following the passage of new US regulations in July governing these assets.
Reports suggest that Mastercard Inc. also held discussions with BVNK, potentially setting up a bidding scenario. The valuation on the table ranged up to $2.5bn.
The stablecoin arms race accelerates
For Coinbase, securing BVNK would transform it from an exchange into a broader payments platform built around stablecoins and enterprise services. At the same time, it highlights how stablecoins have evolved into a strategic battleground between crypto pure-plays and legacy finance firms.
Investors and regulators alike will be watching closely: a deal of this scale could shift competitive dynamics in digital-asset payments and raise fresh regulatory questions.
