Coinbase’s $2 Billion Deal with Stablecoin Startup BVNK Collapses

Coinbase just walked away from a $2 billion stablecoin deal with BVNK.

Coinbase’s plan to make a big push into the stablecoin payments sector has hit a wall. The US cryptocurrency exchange has ended takeover talks with British fintech BVNK, in what could have been one of the biggest deals ever for a stablecoin-focused startup.

Details about why the negotiations failed have not yet been released.

Takeover deal fails

The two companies had entered into an exclusivity agreement in October, after advanced due diligence, and revealed that a deal, valued at around $2 billion, was close. A Coinbase spokesperson confirmed the cancellation said in an exclusive statement to Fortune,

“We are continually seeking opportunities to expand our mission and product offerings. After discussing a potential acquisition of BVNK, both parties agreed not to proceed.”

That price tag would have nearly doubled Stripe’s $1.1 billion purchase of Bridge earlier this year and would also have been Coinbase’s second-largest deal after its $2.9 billion acquisition of Deribit in August.

Founded in 2021 by Jesse Hemson-Struthers, Donald Jackson and Chris Harmse, BVNK specializes in using stablecoins to enable payments and cross-border transactions. The company claims to handle more than $20 billion in volume annually and has received backing from Visa and Citi Ventures. Due to the failed talks, BVNK will investigate other strategic options, after an earlier round of talks with Mastercard also came to a standstill.

For Coinbase, the failed deal highlights how difficult it can be to expand into the stablecoin sector, even as global adoption grows. It is important to note that the $314 billion stablecoin market is receiving new regulatory support after the US passed the GENIUS Act in July, creating clearer rules for issuers. The US Treasury Department had already said this before expected the market will reach $2 trillion in value by 2028, which appears to offer enormous growth potential.

Echo Deal and Q3 earnings

The setback comes less than a month after Coinbase completed a $375 million acquisition of Echo, a platform that helps crypto startups raise capital. Founded by popular crypto figure Jordan Fish, also known as “Cobie,” Echo allows users to participate in early-stage fundraising rounds for blockchain projects. The deal was part of Coinbase’s strategy to diversify beyond trading and strengthen its position in the crypto infrastructure space.

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The crypto exchange also entered the fourth quarter on strong financial footing. Coinbase reported a sharp profit increase for the third quarter of 2025, beating Wall Street expectations. Net income rose to $433 million from $75.5 million a year earlier, while total net sales rose to $1.8 billion for the quarter ended September 30.

It recorded a trading volume of $295 billion in the same period, while total assets on the platform rose to $516 billion, including $300 billion in assets under custody. Transaction revenue also nearly doubled to $1.05 billion, while subscription and services revenue grew 34.3% year-over-year to $747 million. Adjusted net income was $421 million, while adjusted EBITDA was $801 million.