Coinbase is reportedly in late-stage discussions to acquire BVNK, a stablecoin infrastructure company, in a deal valued at around $2 billion, according to a Bloomberg News report published Friday (Oct. 31).
The move marks Coinbase’s biggest potential acquisition since its public listing and could accelerate its expansion into global stablecoin payments and enterprise blockchain infrastructure — a sector rapidly gaining regulatory clarity and institutional interest following the passage of the GENIUS Act earlier this year.
If finalized, the acquisition is expected to close by late 2025 or early 2026, sources told Bloomberg.
“Driven by our mission to expand economic freedom globally, we actively explore various opportunities — whether through building, acquiring, partnering, or investing — to advance our mission,” Coinbase said in a statement, while declining to comment on “rumors or speculation.”
Overview of the Potential Coinbase–BVNK Deal
| Category | Details |
|---|---|
| Acquirer | Coinbase |
| Target Company | BVNK |
| Industry Focus | Stablecoin and blockchain payment infrastructure |
| Deal Value | Approximately $2 billion |
| Status | Late-stage discussions |
| Expected Close | Late 2025 or early 2026 |
| Previous Bidders | Mastercard |
| BVNK Investors | Visa, Citi Ventures, Tiger Global, Coinbase Ventures |
| Strategic Purpose | Expand stablecoin payment infrastructure and institutional adoption |
A Strategic Push Into Stablecoin Infrastructure
The BVNK acquisition would give Coinbase a powerful foothold in stablecoin payments infrastructure, a fast-growing market now benefiting from clearer regulatory frameworks.
BVNK offers enterprise-grade infrastructure that enables businesses to process stablecoin transactions, settle cross-border payments, and integrate blockchain rails into existing financial systems.
“Stablecoins are seeing increased interest in use for settlement of on-chain and crypto asset transactions,” said Arvind Purushotham, Head of Citi Ventures, one of BVNK’s investors. “We were impressed by BVNK’s enterprise-grade infrastructure and their proven track record.”
The acquisition aligns with Coinbase’s ongoing strategy to transition from being a traditional crypto exchange to becoming a global digital finance platform that bridges the gap between traditional banking and blockchain-based finance.
BVNK’s Role in the Evolving Stablecoin Ecosystem
Founded in 2020, BVNK specializes in infrastructure for stablecoin payments, enabling enterprises and financial institutions to adopt digital asset settlement and on-chain treasury management. The company’s client base includes payment processors, fintechs, and banks exploring blockchain-based transactions.
The startup has also drawn investments from major financial players such as Visa, Tiger Global, and Citi Ventures, reflecting its credibility among traditional institutions and fintech innovators alike.
Coinbase’s venture arm, Coinbase Ventures, is an existing investor in BVNK, making the acquisition a natural progression of their relationship.
Why BVNK Matters to Coinbase’s Broader Strategy
Coinbase’s interest in BVNK comes as part of a broader plan to expand its stablecoin ecosystem and enterprise services following the success of its partnership with Circle on the USDC stablecoin, whose market capitalization recently reached $74 billion.
BVNK’s technology could help Coinbase integrate stablecoin payments at the institutional level, building a regulated, scalable network for real-time value transfer.
“Together, these initiatives mark Coinbase’s most tangible move into payments — a segment long seen as crypto’s next frontier but historically hampered by volatility and regulation,” PYMNTS reported earlier this month.
By combining BVNK’s infrastructure expertise with Coinbase’s regulatory reach and liquidity base, the acquisition could cement Coinbase’s role as the leading U.S. player in blockchain-based payments.
Regulatory Tailwinds: The GENIUS Act’s Role
The GENIUS Act, passed in July 2025, established a regulatory framework for stablecoins and their issuance in the U.S., legitimizing their use in institutional payments and treasury operations.
This law has triggered a surge of mergers, acquisitions, and partnerships in the stablecoin and digital asset infrastructure space, as companies move quickly to secure compliance-ready payment capabilities.
Coinbase, which has publicly supported the act, sees the new regulations as a catalyst for growth in its USDC ecosystem and related enterprise services.
“The GENIUS Act has effectively opened institutional payment channels for regulated stablecoins,” said Michael O’Neill, a fintech analyst at Global Markets Research. “Coinbase’s acquisition of BVNK would position it to capture that opportunity faster than its competitors.”
Coinbase’s Financial and Strategic Momentum
The reported BVNK deal follows Coinbase’s strong Q3 2025 earnings, where the company announced $1.9 billion in total revenue, up 25% quarter-over-quarter.
Key growth drivers included:
- Stablecoin revenue of $355 million, up 7% sequentially.
- Institutional trading volume up 122% quarter-over-quarter.
- Assets under custody (AUC) reaching a record $300 billion.
These results underline Coinbase’s increasing diversification beyond retail trading into infrastructure and payments, making the BVNK deal a strategic fit.
Competitive Landscape: Coinbase vs. Mastercard
BVNK has reportedly been the target of multiple acquisition bids, including from Mastercard, which has been building its own stablecoin payment rails through partnerships and blockchain experiments.
However, according to Fortune, Coinbase secured exclusivity in takeover negotiations after leading the bidding process, underscoring its strong strategic alignment with BVNK’s mission and capabilities.
The acquisition could therefore represent a competitive milestone in the race between crypto-native firms and traditional financial institutions to dominate the stablecoin settlement layer of the new financial system.
Why It Matters: Stablecoins as the Future of Payments
The Coinbase–BVNK deal highlights the increasing recognition of stablecoins as the backbone of next-generation payment systems.
By merging Coinbase’s regulatory credibility and liquidity with BVNK’s enterprise infrastructure, the companies could accelerate mainstream adoption of blockchain-based settlement systems that reduce costs, improve speed, and increase transparency.
“Stablecoins are no longer just a trading tool — they’re becoming the pipes of the digital economy,” said Sarah Kim, digital finance strategist at MarketPulse Analytics. “Coinbase’s acquisition of BVNK would give it control over those pipes at a global scale.”
FAQs
What is BVNK?
BVNK is a stablecoin and payments infrastructure company that helps enterprises integrate blockchain technology for global payments and treasury operations.
How much is Coinbase paying for BVNK?
The acquisition is valued at approximately $2 billion, according to Bloomberg reports.
Why is Coinbase interested in BVNK?
The deal would strengthen Coinbase’s stablecoin infrastructure and enable it to expand into institutional payments powered by blockchain.
What role does the GENIUS Act play in this deal?
The GENIUS Act created a legal framework for stablecoins in the U.S., opening new opportunities for regulated payment channels — which Coinbase and BVNK are poised to capitalize on.
Who else was interested in acquiring BVNK?
Mastercard was reportedly in the running before Coinbase obtained exclusive negotiations with BVNK