The cryptocurrency exchange is in late-stage discussions on the approximately $2 billion purchase, Bloomberg news reported Friday (Oct. 31), citing sources familiar with the matter.
The company’s venture capital arm, Coinbase Ventures, is an investor in BVNK, the report added. One of the sources told Bloomberg that Coinbase expects to finalize the deal either later this year or early in 2026.
Coinbase issued a statement to Bloomberg saying that the company does not “comment on rumors or speculation.”
“Driven by our mission to expand economic freedom globally, we actively explore various opportunities — whether through building, acquiring, partnering, or investing — to advance our mission,” the statement added.
PYMNTS has contacted BVNK for comment but has not yet gotten a reply.
The Bloomberg report noted that, if completed, the acquisition would be the latest in several stablecoin-related deals since the U.S. passed the GENIUS Act in July. Credit card issuers and banks alike are experimenting with blockchain-based assets as a way to streamline payments.
As PYMNTS wrote last week, Coinbase is expecting the GENIUS Act to help fuel further growth in adoption of its USDC stablecoin, as the legislation helps open new institutional payment channels. On an international scale, Coinbase continues to add distribution routes in Brazil and India, eyeing markets with burgeoning digital-payments infrastructure.
“Together, these initiatives mark Coinbase’s most tangible move into payments — a segment long seen as crypto’s next frontier but historically hampered by volatility and regulation. The firm’s bet is that regulated stablecoins like USDC will bridge that gap,” that report said.
The company had just reported $1.9 billion in total revenue for the third quarter 2025, a 25% increase over the prior period.
The Bloomberg report follows a story in mid-October by Fortune that both Coinbase and Mastercard were in contention to acquire BVNK, with Coinbase leading the bidding process. The magazine later reported that Coinbase holds exclusivity with BVNK for takeover talks in the wake of that bidding process, citing unnamed sources.
BVNK has also attracted investments from the likes of Visa, Tiger Global, and as reported here last month, Citi Ventures.
“Stablecoins are seeing increased interest in use for settlement of on-chain and crypto asset transactions,” said Arvind Purushotham, head of Citi Ventures. “We were impressed by BVNK’s enterprise-grade infrastructure, and their proven track record.”
