Coinbase has abandoned its planned USD 2 billion acquisition of BVNK, a London-based firm specialising in stablecoin infrastructure. The companies confirmed that the deal, which had reached the due diligence stage, would not proceed after what they described as a mutual decision to withdraw. Although no explanation was provided for the decision, it marks the end of what would have been one of the largest acquisitions in the stablecoin segment. The companies had entered into an exclusivity agreement in October 2025, which temporarily prevented BVNK from considering other offers. The termination of the deal comes in the context of a wide surge in mergers and acquisitions across the stablecoin and crypto payments space. Coinbase has been particularly active, recently completing a USD 2.9 billion purchase of derivatives exchange Deribit while maintaining close ties with Circle, issuer of the USDC stablecoin.

Company representatives said the exchange remains open to opportunities that align with its business objectives, though it decided not to move forward with BVNK after assessing the proposal. Had the transaction been completed, Coinbase would have paid roughly twice what Stripe spent to buy another stablecoin firm, Bridge, for USD 1.1 billion earlier in 2024. The wider market for stablecoin infrastructure continues to attract attention from both traditional finance and fintech companies. Mastercard, for instance, has reportedly been in talks to acquire crypto infrastructure firm Zerohash in a deal valued at up to USD 2 billion, after previously exploring an acquisition of BVNK..