Venture
Coinbase Leads Talks to Acquire BVNK for $1.5B–$2.5B as Mastercard Weighs Counterbid in Stablecoin Settlement
Citi and Visa backing and BVNK’s $20B annual throughput signal consolidation as exchanges and card networks compete for settlement rails.
October 10, 2025
Companies mentioned:
Coinbase leads talks to buy BVNK for $1.5B–$2.5B; Mastercard remains a contender.
BVNK reportedly processes $20B annually; Citi and Visa backing lifted standalone valuation above $750M ahead of M&A discussions.
A deal would consolidate enterprise stablecoin settlement between exchanges and card networks.
Coinbase and Mastercard have held advanced talks to acquire London-based BVNK at a $1.5B–$2.5B valuation, with Coinbase currently ahead.
The bid underscores a race to own enterprise-grade stablecoin infrastructure that already processes over $20B annually, positioning the acquirer closer to merchant settlement and cross-border flows. The talks follow fresh strategic backing for BVNK from Citi Ventures and earlier support from Visa, with recent reports placing BVNK’s standalone valuation above $750M this week.
For Coinbase, BVNK would extend its stablecoin and payments stack beyond its USDC economics; for Mastercard, it offers a faster route to on-chain settlement capabilities without rebuilding core infrastructure. Together, these moves reflect intensifying competition between exchanges and card networks to control crypto-to-fiat on/off-ramps and embedded payments.
If a deal prices near the rumored range, expect accelerated consolidation among stablecoin payment processors as incumbents converge on the same settlement rails.
Don't Miss the Next Big Shift
The Stabledash newsletter keeps you off the timeline and dialed into modern money.
Join leaders at Circle, Ripple, and Visa who trust us for their stablecoin insights.