Overview
- Coinbase said both sides mutually agreed not to proceed with a potential purchase of U.K.-based BVNK that was reported at about $2 billion.
- Talks had advanced to due diligence after the companies entered exclusivity in October, according to multiple outlets.
- Had it closed, the deal would have ranked among the largest in stablecoin infrastructure, nearly double Stripe’s $1.1 billion acquisition of Bridge.
- No reason for the decision was disclosed, and reporting noted it was not immediately clear why the negotiations were halted.
- Shares of Coinbase fell roughly 4% after the news, while BVNK remains independent with backers including Visa and Citi Ventures as stablecoin M&A interest continues across the sector.