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Coinbase has scrapped plans to acquire stablecoin infrastructure firm BVNK in a deal estimated at $2 billion, ending talks that had reached the due diligence stage.
The US crypto exchange confirmed the decision in a statement to Fortune, saying the parties “mutually agreed to not move forward.” It didn’t provide further details.
COIN shares tumbled more than 4% in trading yesterday, bringing its loss for the past month to almost 15%.
Coinbase share price (Source: Google Finance)
Coinbase Eyed BVNK Amid Stablecoin Boom Triggered By GENIUS Act
Coinbase’s talks with BVNK came amid a boom in the stablecoin market after US President Donald Trump signed the GENIUS Act into law in July. That gave long-awaited regulatory clarity to the market, paving the way for institutions to use stablecoins as a way to upgrade legacy payment rails.
The sector’s total market capitalization has soared past $305 billion, according to DefiLlama, with Stripe, Western Union, Bank of America and Citibank among firms moving to capitalize on the sector’s potential.
Stablecoin market cap (Source: DefiLlama)
Stablecoins are already important for Coinbase. In its third-quarter earnings report, the exchange said stablecoin services generated $355 million in revenues, or around 19% of its $1.8 billion revenue for the period.
Our Q3 2025 financial results are now live. pic.twitter.com/FyukJgfDsj
— Coinbase 🛡️ (@coinbase) October 30, 2025
Coinbase On An Acquisition Spree
Coinbase has been on an acquisition spree this year. Had it sealed the BVNK deal, it would have been its second-largest deal after the $2.9 billion acquisition of crypto derivatives exchange Deribit in August.
Its key acquisitions this year are as follows:
- BUX (Cyprus unit) – January
Gave Coinbase a Cyprus Investment Firm license, enabling it to offer contracts for differences (CFDs) and expand its regulatory footprint across the European Economic Area.
A San Francisco-based on-chain advertising and attribution platform founded by a former Facebook ads lead, strengthening Coinbase’s data and marketing capabilities.
A $2.9 billion acquisition of the leading crypto derivatives exchange, expanding Coinbase’s footprint in institutional and derivatives trading.
A token distribution and management startup, adding infrastructure for tokenization and asset issuance.
A community and on-chain capital raising platform that has helped raise over $200 million across around 300 deals, acquired for roughly $375 million in cash and equity.
Crypto-Friendly Regulatory Environment Prompts Other Deals
Other crypto firms have also taken advantage of the more crypto-friendly regulatory environment in the US under the Trump administration.
Among them is Ripple, the parent company of XRP, which also announced multiple acquisitions this year.
The company bought prime-brokerage Hidden Road for around $1.25 billion, the stablecoin payments platform Rail for $200 million, corporate treasury management firm GTreasury for $1 billion, and custody infrastructure firm Palisade for $1 billion.
MoonPay, the crypto payments infrastructure company, also acquired Helio for around $175 million.
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