Coinbase and Mastercard vie to acquire stablecoin startup BVNK in $2B deal

Coinbase and Mastercard are in advanced talks to acquire London-based stablecoin startup BVNK for up to $2.5 billion.

Two financial heavyweights are in a race to acquire one of the fastest-growing players in the stablecoin infrastructure space. According to multiple sources familiar with the matter, Coinbase and Mastercard have each engaged in advanced negotiations to buy London-based BVNK, a company that helps businesses move money across borders using stablecoins. The potential sale price is estimated to fall between $1.5 billion and $2.5 billion, sources told Fortune.

While the outcome remains uncertain, sources say Coinbase currently holds the advantage, though both parties continue active discussions. If completed, the deal would mark the largest-ever acquisition in the stablecoin sector, surpassing Stripe’s $1.1 billion purchase of Bridge in 2024.

For Mastercard, whose share price fell further in June after the Senate passed the Genius Act, a BVNK acquisition would represent a strategic move to regain investor confidence and signal that the company is taking the rise of stablecoin payments seriously.

Coinbase, on the other hand, could use BVNK’s infrastructure to expand beyond trading and custody into enterprise payments and treasury management, positioning itself as a full-stack crypto financial services provider.

BVNK continues to attract major backers

The news comes just days after Citi Ventures, the venture capital arm of Citigroup, made a strategic investment in BVNK, though the amount was not disclosed.

This followed a strategic backing from Visa Ventures in May, which itself came after an earlier $50 million Series B round in December that valued the startup at approximately $750 million and was led by Haun Ventures with participation from Coinbase Ventures, Scribble Ventures, DRW Venture Capital, Avenir, and Tiger Global.