Coinbase Nears $2B BVNK Deal, Posts Strong Q3 Earnings

Coinbase is in late-stage talks to acquire London-based stablecoin infrastructure company BVNK in an estimated $2 billion deal, according to Bloomberg reports. The San Francisco-based cryptocurrency company expects to close this acquisition before year’s end or early next year, pending due diligence, though terms may still change and the deal remains at risk of collapsing. This potential acquisition represents one of the largest stablecoin infrastructure deals in recent months and marks a significant strategic expansion for Coinbase into the rapidly growing stablecoin sector.

The deal follows a competitive bidding process where Coinbase reportedly won exclusivity in takeover talks after a bidding war that included Mastercard. The payment giant had previously engaged in discussions with BVNK before shifting its focus to acquiring Zerohash, another crypto startup, for over $1.5 billion. Coinbase Ventures, the company’s venture capital arm, is already an investor in BVNK, providing existing familiarity with the stablecoin infrastructure provider’s operations and technology.

This acquisition push comes against the backdrop of evolving regulatory frameworks in the United States, including the introduction of the GENIUS Stablecoin Act, which represents the first comprehensive crypto regulation addressing stablecoins specifically. The timing suggests Coinbase is positioning itself to capitalize on the anticipated growth and formalization of the stablecoin market under new regulatory clarity.

While acquisition talks advanced, Coinbase delivered impressive financial results for the third quarter of 2025. The company reported approximately $1.9 billion in revenue with a bottom line of about $432.6 million, representing a substantial 55% year-over-year increase. This strong performance demonstrates the company’s continued growth trajectory and operational efficiency despite market volatility that has characterized the cryptocurrency sector.

The earnings call gained additional attention when CEO Brian Armstrong referenced multiple crypto buzzwords relevant to the Mentions Market, though the underlying financial metrics told a compelling story of profitability and expansion. Beyond revenue and profit growth, the company significantly increased its Bitcoin holdings, adding 2,772 BTC to bring its total holdings to 14,458. This accumulation reflects confidence in Bitcoin’s long-term value proposition and aligns with the company’s broader strategy of deepening its involvement across cryptocurrency ecosystems.

The combination of strong earnings and strategic acquisition news has positively impacted COIN stock, which touched $350 on Friday, October 31st, before settling around $343.78 at the time of writing, reflecting a 4.6% jump in the past 24 hours. This recovery followed what had started as a disappointing week for the stock, showing how material developments can quickly shift market sentiment toward the cryptocurrency exchange.

The potential BVNK acquisition represents more than just another corporate purchase—it signals Coinbase’s commitment to expanding its stablecoin capabilities at a time when stablecoins are becoming increasingly central to cryptocurrency ecosystems. Stablecoins serve as crucial bridges between traditional finance and digital assets, and controlling infrastructure in this space could provide Coinbase with significant competitive advantages in payment processing, cross-border transactions, and decentralized finance applications.

Coinbase’s cautious public stance, with a spokesperson telling Bloomberg that the company doesn’t comment on rumors or speculation while emphasizing their mission to expand economic freedom globally, reflects standard corporate protocol during sensitive negotiations. However, the company acknowledged exploring various opportunities—whether through building, acquiring, partnering, or investing—to advance their mission, leaving the door open for strategic moves like the BVNK acquisition.

As the largest US-based cryptocurrency exchange continues to navigate evolving regulatory landscapes and market opportunities, its dual focus on strategic acquisitions and core business performance appears to be resonating with investors. The positive response to both the earnings report and acquisition speculation suggests market confidence in Coinbase’s ability to capitalize on the growing intersection between traditional finance and cryptocurrency innovation, particularly in the stablecoin sector where regulatory clarity is emerging.