Two financial giants are vying to acquire one of the fastest-growing companies in the stablecoin infrastructure space. Multiple sources familiar with the matter told Fortune that Coinbase and Mastercard are in advanced talks to purchase London-based BVNK, a startup that enables businesses to move funds across borders using stablecoins. The potential acquisition is reportedly valued between $1.5 billion and $2.5 billion.
Although the final outcome is still uncertain, sources indicate that Coinbase currently has the upper hand, while both parties remain engaged in active discussions. If finalized, the deal would represent the largest acquisition in the stablecoin sector to date, surpassing Stripe’s $1.1 billion purchase of Bridge in 2024.
For Mastercard, whose share price declined in June following the Senate’s passage of the Genius Act, acquiring BVNK could be a strategic step to restore investor confidence and demonstrate the company’s commitment to the growing stablecoin payments market.
Meanwhile, Coinbase could leverage BVNK’s infrastructure to move beyond trading and custody services, expanding into enterprise payments and treasury management—positioning itself as a comprehensive crypto financial services provider.
BVNK continues to draw major investors
The news follows a recent strategic investment from Citi Ventures, the venture capital arm of Citigroup, though the amount was not disclosed. This comes after Visa Ventures’ backing in May, which itself followed a $50 million Series B round in December that valued BVNK at roughly $750 million. That round was led by Haun Ventures, with participation from Coinbase Ventures, Scribble Ventures, DRW Venture Capital, Avenir, and Tiger Global.
