Overview
- Coinbase confirmed both sides mutually agreed not to proceed after discussions that advanced to an October exclusivity period and due diligence.
- Reporting placed BVNK’s valuation in the $1.5 billion to $2.5 billion range, commonly cited around $2 billion.
- Mastercard had also been in advanced talks for BVNK before Coinbase led the bidding, according to multiple reports.
- BVNK is a London-based stablecoin infrastructure firm that raised $50 million last December, counts Visa and Citi Ventures as backers, and processes more than $20 billion annually.
- No specific reason was disclosed for ending talks, though some outlets cited due diligence issues, market volatility, and shifting priorities as unconfirmed factors.