Coinbase and the stablecoin startup BVNK have officially terminated their proposed $2 billion acquisition, according to a spokesperson for the cryptocurrency exchange, speaking to Fortune.
The agreement, which had been progressing through the due diligence stage, included an exclusivity clause signed in October. This clause had prevented BVNK from entertaining alternative offers during the negotiation period. While discussions had advanced toward finalizing the deal, both companies ultimately decided not to move forward. The exact reasons behind the decision remain undisclosed.
Had the acquisition gone through, it would have marked one of the largest transactions in the stablecoin sector, surpassing Stripe’s $1.1 billion purchase of Bridge earlier this year. Coinbase highlighted that it continues to explore opportunities to expand its product offerings and mission within the cryptocurrency ecosystem.
BVNK has declined to comment on the outcome of the discussions. Previously, reports indicated that the negotiations were at an advanced stage, with expectations that the deal could have closed by the end of 2025 or early 2026.
The termination underscores the volatility and unpredictability of large-scale M&A activity in the cryptocurrency industry, especially within emerging sectors such as stablecoins, where regulatory and market conditions continue to evolve rapidly.
