Overview
- Coinbase is conducting due diligence after securing exclusive negotiating rights in a competitive process to acquire London-based BVNK for about $2 billion.
- Reports say the timeline is flexible, with potential closing by the end of 2025 or in early 2026, depending on the outcome of diligence.
- An acquisition would add compliance-focused stablecoin rails, merchant on- and off-ramps, and licensed bank settlement connections to Coinbase’s payments stack.
- BVNK’s investors include Coinbase Ventures, Citi Ventures, Haun Ventures, Haun Ventures, and Visa, and the company has raised roughly $90 million since its 2021 founding.
- Stablecoins contributed nearly 20% of Coinbase’s Q3 revenue as the company expands USDC use through partners such as Shopify and pilots corporate settlements with Citigroup.