Coinbase Nears $2 Billion Deal to Buy Stablecoin Platform BVNK

TLDR

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Coinbase is finalizing a $2B acquisition of stablecoin startup BVNK.
Stablecoins now generate nearly 20% of Coinbase’s total revenue.
Coinbase Ventures and Visa are among BVNK’s existing investors.
The BVNK deal may close by late 2025 or early 2026 after due diligence.

Coinbase is reportedly nearing a $2 billion acquisition of stablecoin platform BVNK in what could mark one of its largest takeovers to date. The deal, now in advanced negotiations, is expected to strengthen Coinbase’s role in the growing stablecoin ecosystem, which has become a key driver of the exchange’s revenue in recent quarters. Sources suggest the transaction could be finalized by late 2025 or early 2026.

Coinbase Moves to Expand Its Stablecoin Presence

According to Bloomberg, Coinbase Global Inc. is in late-stage talks to acquire BVNK, a startup specializing in stablecoin infrastructure. People familiar with the matter said due diligence is underway, and both companies are close to agreeing on final terms. Coinbase has reportedly secured exclusive rights to negotiate the purchase after outbidding several interested parties.

Coinbase Ventures, the exchange’s investment arm, is already one of BVNK’s backers, alongside Citi Ventures, Visa, and Haun Ventures. The exchange stated it “continues to explore opportunities to advance its mission of expanding economic freedom through partnerships and acquisitions.” The BVNK deal, if completed, would further position Coinbase at the center of stablecoin payments and blockchain-based financial infrastructure.

Stablecoins Drive Growing Share of Coinbase’s Revenue

Stablecoins now account for almost 20% of Coinbase’s total revenue, according to recent company filings. Much of this income comes from its partnership with Circle Internet Group, the issuer of USD Coin (USDC). Coinbase earns a share of interest income generated on USDC reserves, which has provided a stable income source amid fluctuating crypto trading volumes.

Earlier this year, Coinbase and Circle also announced that USDC would be fully governed under U.S. jurisdiction after Circle ended its offshore structure. This alignment with U.S. regulations is seen as a major step toward broader institutional adoption. Additionally, Coinbase has worked to integrate USDC into Shopify’s payment system, expanding its use in global e-commerce.

BVNK’s Role in Coinbase’s Broader Strategy

BVNK operates as a bridge between traditional finance and digital assets, offering tools that help businesses use stablecoins for payments and settlements. Founded in London, the company has attracted attention from major institutional investors due to its compliance-focused infrastructure and global payment capabilities.

By acquiring BVNK, Coinbase aims to enhance its presence in the stablecoin payments sector. The move comes shortly after the United States enacted its first stablecoin regulatory framework, providing clearer rules for issuers and service providers. This new clarity has sparked increased interest from banks and payment companies looking to integrate blockchain-based solutions.

Market Standing and Financial Outlook

Coinbase remains one of the leading cryptocurrency exchanges in the United States, with a market capitalization of about $90 billion. Despite challenges such as slowing revenue growth and high market volatility, the company continues to maintain strong profitability metrics. It recently reported a net margin of over 40% and an operating margin above 25%.

However, analysts have noted ongoing insider selling and a moderate decline in year-over-year revenue. The company’s stock trades with a price-to-earnings ratio of about 34, suggesting moderate investor confidence in its long-term outlook. With a beta of 4.32, the stock remains volatile, reflecting broader trends in the crypto market.

If the BVNK deal goes through, it would mark another step in Coinbase’s expansion beyond exchange trading. By strengthening its infrastructure for stablecoin payments and compliance services, Coinbase could reinforce its role as a key player bridging traditional finance with the digital economy.