Coinbase and BVNK Call Off $2 Billion Deal

• Coinbase and BVNK have backed out of a $2 billion deal to acquire the startup.
• The negotiations reached the due diligence stage and included an exclusive arrangement.
• The reasons for the cancelation are unknown, the parties said they mutually agreed.

Coinbase and the startup in the field of stablecoins BVNK canceled the acquisition deal. This was announced by a representative of the cryptocurrency exchange in a commentary for the publication Fortune.

The arrangement was supposed to buy BVNK for about $2 billion. The statement said the parties signed an exclusivity agreement in October that prohibited the startup from considering alternative offers. Negotiations advanced to the due diligence stage.

If the deal goes through, it would be one of the largest in the stablecoin sector, surpassing Stripe’s $1.1 billion purchase of Bridge in February, Fortune noted.

Coinbase noted that the company is “constantly looking for opportunities to expand its mission and product offerings.” At the same time, they emphasized that after discussions, the parties “mutually agreed not to continue the process.”

In BVNK refused to comment on the situation.

Recall, it was previously reported that Coinbase’s negotiations to acquire BVNK are at the final stage, and the deal could be closed by the end of 2025 or early 2026.