Coinbase Targets a $2 Billion BVNK Acquisition as It Moves to Lead the Stablecoin Market

Cryptocurrency exchange Coinbase is reportedly preparing to acquire British fintech startup BVNK in a deal valued at roughly $2 billion, according to Bloomberg.

Negotiations are said to be in their final stages, with the transaction expected to close by late 2025 or early 2026.

BVNK, a London-based firm, builds stablecoin payment infrastructure for institutional clients. Its systems allow global businesses to send, receive, and settle payments in tokenized dollars and other digital currencies — bridging the gap between traditional finance and Web3 settlement rails.

Coinbase declined to comment on “market rumors,” but confirmed that it is “evaluating several strategic expansion opportunities.” Sources familiar with the deal also told Fortune that Mastercard has been involved in parallel discussions related to the same technology stack — highlighting growing institutional competition in the stablecoin payments space.

Why BVNK Matters for Coinbase’s Expansion Strategy

For Coinbase, the acquisition could serve as a direct route into the rapidly growing stablecoin settlement market, which processed more than $8 trillion in on-chain transactions in 2024.

BVNK’s API-based platform allows corporations to handle stablecoin liquidity, convert instantly between digital and fiat currencies, and plug into DeFi yield tools — a model that aligns neatly with Coinbase’s existing custody and payments divisions.

In December 2024, BVNK closed a $50 million Series B round led by global investors including Coinbase Ventures. That early investment now looks like a precursor to full acquisition, giving Coinbase a first-mover advantage in an area where Circle, PayPal, and Stripe are also building competing stablecoin rails.

Growth Beyond Volatile Markets

The potential BVNK deal comes as Coinbase shifts focus toward predictable, recurring revenue streams.

Recent filings show that over 50% of Coinbase’s Q3 2025 revenue came from subscription and services, rather than trading fees. The company reported $1.36 billion in quarterly revenue and a net income of $270 million, even amid relatively flat crypto prices.

Its Base network, which JPMorgan recently valued as a $34 billion opportunity, continues to grow developer adoption. Meanwhile, Coinbase Custody manages more than $200 billion in institutional assets, underscoring its evolution into a diversified fintech infrastructure company.

By adding BVNK’s stablecoin payment rails, Coinbase would be extending its ecosystem into on-chain treasury management, remittances, and institutional settlement — essentially completing a full Web3 finance stack.