Mastercard wins BVNK acquisition over Coinbase’s rival bid

Mastercard just closed its largest crypto-related acquisition ever, and it did so by being the cheaper date. The payments giant completed its purchase of BVNK, a London-based stablecoin infrastructure company, for up to $1.8 billion on August 3, 2026, beating out a rival bid from Coinbase that reportedly reached as high as $2.5 billion. How the deal unfolded Coinbase began advanced acquisition talks with BVNK in October 2025, exploring a deal valued between $1.5 billion and $2.5 billion. Those conversations progressed to the point where a $2 billion transaction was on the table. But by November 2025, both sides mutually agreed to walk away from the proposed deal. BVNK’s founders reportedly chose Mastercard’s offer for “cultural reasons.” Mastercard announced the definitive agreement on March 17, 2026, with a headline price of up to $1.8 billion. That figure includes a contingent payment of up to $300 million, meaning BVNK’s team will need to hit certain milestones to collect the full amount. What Mastercard is actually buying BVNK, founded in 2021, built its business around connecting traditional fiat payment rails with stablecoin and digital asset infrastructure at enterprise scal...