Fortune reported that Coinbase and Mastercard are in serious talks to acquire stablecoin infrastructure firm BVNK, citing multiple sources. Coinbase Ventures is an existing investor in BVNK, having participated in its $50 million Series B funding round in December 2024. That round was led by Haun Ventures, which was also an investor in another stablecoin acquisition target, Bridge.
BVNK’s valuation in the discussions is between $1.5 billion and $2.5 billion. Ledger Insights research indicates the valuation was around $750 million in May, just five months ago.
The news comes a year after Stripe acquired another stablecoin infrastructure firm, Bridge, for $1.1 billion. MoonPay acquired Iron in March 2025. At the time of Bridge’s acquisition, it had a payment run rate of $5 billion. BVNK’s volumes were $12 billion when Visa was announced as an investor in May 2025. Yesterday the company revealed that Citi has invested and that annualized payment volumes have grown to $20 billion, reflecting a sharp acceleration in five months.
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