A high-stakes acquisition battle is unfolding between Coinbase and Mastercard, as both giants enter advanced talks to acquire London-based stablecoin infrastructure startup BVNK, in a deal that could value the firm between $1.5 billion and $2.5 billion.
According to sources cited by Fortune, negotiations have progressed rapidly, with Coinbase currently holding a slight lead. If finalized, the acquisition would mark the largest-ever deal in the stablecoin sector, surpassing Stripe’s $1.1 billion purchase of Bridge in 2024.
Coinbase eyes enterprise expansion
For Coinbase, acquiring BVNK would represent a major leap beyond its core exchange business. The startup’s technology enables businesses to move money globally using stablecoins, offering real-time settlement and reduced transaction costs. Integrating this infrastructure could allow Coinbase to enter enterprise payments, cross-border transfers, and corporate treasury management, transforming it into a full-spectrum crypto financial services platform.
Coinbase has increasingly pivoted toward institutional clients, and BVNK’s network would provide the backbone for its next phase of growth — helping it compete with both traditional banks and Web3 payment providers.
Mastercard seeks relevance in stablecoin era
For Mastercard, the acquisition would be equally strategic. After facing mounting pressure from shareholders following the Genius Act’s passage in June, the payments giant is looking to reaffirm its commitment to digital innovation.
A BVNK acquisition would enhance Mastercard’s blockchain capabilities, allowing it to support stablecoin-based settlements and modernize its existing payment rails. The move could also help the company recapture momentum in a market increasingly driven by crypto-native payment systems.
BVNK’s rapid rise and strong investor backing
BVNK’s growth trajectory has been nothing short of remarkable. Founded just a few years ago, the company has attracted top-tier investors and global partnerships. In recent months, Visa Ventures and Citi Ventures both made strategic investments in the firm, signaling strong institutional confidence in its long-term potential.
Its Series B round in December, led by Haun Ventures, valued BVNK at approximately $750 million, with participation from Coinbase Ventures, Tiger Global, and Avenir. The current negotiations — potentially tripling that valuation — underscore how central stablecoin infrastructure has become to the next phase of digital finance.
If either Mastercard or Coinbase secures the deal, it could reshape the stablecoin and payments landscape, bridging the gap between traditional finance and the blockchain-powered economy.
