Coinbase appears positioned to win a bidding competition against Mastercard for London-based stablecoin startup BVNK. Fortune reported that the acquisition price could reach between $1.5 billion and $2.5 billion based on sources familiar with negotiations.
Advanced discussions between the two companies and BVNK have progressed significantly, according to the report. If completed, this would become the largest stablecoin company acquisition to date, surpassing Stripe's $1.1 billion purchase of Bridge in October 2024. A Coinbase spokesperson declined to comment on the speculation, while BVNK and Mastercard have not responded to inquiries.
Founded in 2021, BVNK provides stablecoin payment infrastructure serving enterprise clients such as Worldpay, Flywire, and dLocal. The company processes over $20 billion annually and recently received a strategic investment from Citi Ventures, highlighting growing institutional interest in stablecoin payments.
The acquisition interest follows passage of the GENIUS Act in July, which established foundational regulatory rules for dollar‑pegged stablecoins in the United States. This regulatory clarity has sparked increased institutional activity in the sector.
Circle Internet Group completed its initial public offering on the NYSE in June, with shares soaring 118 % since its debut. The stablecoin market recently surpassed $300 billion in total market capitalization, demonstrating continued maturation and adoption across the industry.
BVNK's enterprise‑focused infrastructure positions it as a valuable asset for companies seeking to expand stablecoin payment capabilities. The competitive bidding between a major crypto exchange and a traditional payments giant reflects the blurring lines between conventional finance and digital assets.
The outcome of these negotiations could significantly impact the payments landscape as stablecoins gain traction for cross‑border transactions and enterprise treasury management. Both Coinbase and Mastercard would gain immediate access to established enterprise relationships and processing volume through the acquisition.