Coinbase is reportedly in late-stage talks to acquire BVNK for around $2B. [NEWS]

Backed by Visa, Citi and Tiger Global, BVNK has processed $20B+ in transactions and is valued at $750M, available across 180+ countries. Let’s unpack.

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What’s happening?

Coinbase is marking its boldest step yet toward building a full-stack stablecoin payments network through the acquisition of London-based infra provider, BVNK. BVNK’s enterprise-grade infrastructure would give Coinbase instant access to regulated payment corridors across the U.K., EU, and Asia.

Zooming in: BVNK acquisition will be a catalyst for a complete structural transformation for Coinbase. It had a strong quarter, reporting $1.8B in total revenue, a +25% QoQ, mainly through its exchange platform. Now, it is focusing on expanding its institutional arm from trade, custody, CaaS to enterprise-grade payment rails.

This acquisition will also help Coinbase to vertically integrate Base, into the core operations of major payment service providers (PSPs) and global corporations, including BVNK’s established clients like Worldpay, Deel, and dLocal.

Context: In May, BVNK partnered with Worldpay, which processes $2.3 trillion annually for 1M+ merchants, to enable stablecoin payouts across 180+ countries.

Zooming out: BVNK’s infrastructure can turn trading clients into recurring-revenue customers. Instead of competing on fees, Coinbase can charge for high-margin infrastructure, shifting to powering payments.

Valuation analysis: The $2B tag looks rich, but for a startup last valued at $750M, BVNK’s explosive growth and regulatory edge make it worth every penny.

We recently sat down with Chris Harmse, Co-Founder and Chief Business Officer at BVNK, to explore the surge in demand for stablecoins for payments and their transformative impact on global finance.

Why it matters

The distribution war just got real. Stablecoin economics are splitting into two games: issuers (Tether, Circle) capture yield on reserves, while distributors (Coinbase, Stripe) capture transaction flow. Coinbase already keeps the lion’s share of Circle’s USDC yield, now it’s buying the payment rails to control both ends. As BVNK’s Chris Harmse told us: “Issuance will end up like money market funds—low-margin wrappers. The value is in distribution.” For Coinbase, institutional investors now drive 4x more volume than consumers ($236B vs. $59B). Revenue from these clients jumped 144% YoY to $135M, while stablecoins quietly became a profit engine, contributing $246M (20% of total revenue).
This is about market structure, not just market share. Post-GENIUS Act, every bank will issue a stablecoin. But issuance is commoditizing fast—new entrants give away nearly all yield just to get distribution. The real moat is payment infrastructure.
It’s all about vertically integrating. Coinbase now controls: (1) Base—the L2 with $4.6B TVL, (2) USDC distribution—$246M in Q3 revenue, (3) custody—$200B in assets, and (4) payment rails via BVNK. This full-stack approach mirrors Stripe’s playbook (Bridge + Privy acquisitions).
The Worldpay integration changes everything. BVNK’s partnership with Worldpay ($2.3T annual volume, 1M+ merchants) means Coinbase instantly inherits settlement relationships with Deel, dLocal, and global PSPs. Cross-border payments cost corporates $120B annually. Stablecoins processed $6T in 2024 (3% of the $195T market). That’s expected to hit 20% by 2030, a $60T TAM. The infrastructure players who win distribution now will own the rails when that shift happens.

Our take

At $2B for a $750M company processing $20B annually, this looks expensive. But compare it to Stripe paying $1.1B for Bridge (processing less volume, fewer licenses) or Figure’s $7.6B IPO at 18x revenue. Coinbase is paying ~10x trailing revenue for a company with established trust and credibility, robust, compliant, scalable and enterprise-grade infrastructure that plugs neatly into Coinbase’s Base and USDC stack.

More on this topic:

Today’s market signals

Ripple raises $500m at $40b valuation. Link
Mastercard, Gemini test card payments on XRP ledger. Link
Switzerland considers issuing stablecoins. Link
China will win AI race with US: Nvidia CEO. Link

Take care,

Marc & team

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