Coinbase has officially withdrawn from negotiations to acquire BVNK, a UK-based stablecoin infrastructure startup. This deal, valued at around $2 billion, was one of the largest anticipated in the stablecoin industry. The companies announced their mutual decision not to proceed with the acquisition on November 11th, 2025. While neither company revealed specific reasons for the cancellation, the agreement had advanced through an exclusive negotiation and due diligence phase following its initial announcement in October 2025. This acquisition was expected to bolster Coinbase’s stablecoin and payments ecosystem, particularly within Europe and emerging international markets. Despite the termination, their strategic relationship remains strong as Coinbase Ventures, the exchange’s venture arm, has previously invested in BVNK. The market reacted with a drop in Coinbase (COIN) share prices in US trading as investors expressed disappointment over the deal’s potential to strengthen Coinbase’s position in global digital payments.