Coinbase is in late-stage discussions to acquire BVNK, a London-based fintech startup specializing in stablecoin and digital asset payment infrastructure, in a deal valued between $1.5 billion and $2.5 billion. According to sources familiar with the matter, the acquisition could close before the end of 2025 or early 2026, though the timeline remains flexible and terms may change during ongoing due diligence.
BVNK, founded in 2021, has built a reputation for providing compliance-focused payment tools that allow businesses to handle crypto and stablecoin transactions as easily as traditional bank transfers. Coinbase Ventures, the exchange's investment arm, was an early backer of BVNK, alongside investors like Visa, Citi Ventures, and Haun Ventures. This isn't a new relationship, but a strategic move to accelerate Coinbase's expansion beyond trading into payments and financial infrastructure.
The acquisition aligns with CEO Brian Armstrong's long-term vision of transforming Coinbase from a cryptocurrency exchange into a full-service financial network. Stablecoins have quietly become one of Coinbase's most profitable segments, contributing about 20% of its Q3 revenue, largely through its partnership with Circle, the issuer of USDC. Recent initiatives, such as enabling USDC-based payments on Shopify and piloting blockchain-based corporate settlements with Citigroup, underscore this push.
This deal comes at a pivotal moment for the industry, following the U.S. approval of comprehensive stablecoin regulation earlier this year, which has triggered increased competition among exchanges, banks, and fintechs. If completed, the acquisition would give Coinbase direct access to BVNK's global merchant network, corporate payment tools, and regulated on/off-ramp capabilities, positioning it to compete more directly with traditional banks in the payments space.
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