WOW! Coinbase walks from $2bn deal for BVNK. Does this open the door for someone else?
The deal got to exclusivity in October. Due diligence was underway. Price was nearly 2x what Stripe paid for Bridge.
Then Coinbase killed it.
---
Who might swoop?
Mastercard
- Already in late-stage talks for Zerohash ($1.5-2B).
- Lost the BVNK bidding war to Coinbase.
- Now BVNK is back on the table and Mastercard knows the asset intimately.
Visa
- Strategic investor in BVNK (invested May 2025 via Visa Ventures).
- Already has a seat at the table. Could move from investor to owner.
Citi
- Just invested via Citi Ventures (October 2025). - CEO Jane Fraser publicly considering issuing Citi's own stablecoin.
- BVNK processes $20B annually for clients including Worldpay - that could fit
---
The dark horse: A consortium play?
BVNK's cap table is Wall Street's who's who: Coinbase Ventures, Tiger Global, Haun Ventures, Visa, Citi.
What if they don't sell to one buyer?
What if the strategic investors (Visa + Citi + others) pool together to keep it neutral infrastructure?
Think: industry utility vs. competitive weapon.
---
BVNKs next owner matters
Stablecoin payment infrastructure is still fragmented:
- Stripe owns Bridge ($1.1B)
- Mastercard chasing Zerohash ($1.5-2B)
- BVNK is the last major independent with $20B+ volume
Whoever gets BVNK controls stablecoin-to-fiat rails for:
- Global payroll (Deel uses them)
- Cross-border treasury management
- Enterprise settlement (Worldpay, Flywire, dLocal)
---
The timeline:
Coinbase entered exclusivity in October. That deal is now dead. BVNK can talk to anyone.
Mastercard is already deep in Zerohash talks. Do they pivot? Do they do both?
Visa and Citi are already on the cap table. Do they protect their investment with acquisition?
---
What do you think - who makes the move?
The deal got to exclusivity in October. Due diligence was underway. Price was nearly 2x what Stripe paid for Bridge.
Then Coinbase killed it.
---
Who might swoop?
Mastercard
- Already in late-stage talks for Zerohash ($1.5-2B).
- Lost the BVNK bidding war to Coinbase.
- Now BVNK is back on the table and Mastercard knows the asset intimately.
Visa
- Strategic investor in BVNK (invested May 2025 via Visa Ventures).
- Already has a seat at the table. Could move from investor to owner.
Citi
- Just invested via Citi Ventures (October 2025). - CEO Jane Fraser publicly considering issuing Citi's own stablecoin.
- BVNK processes $20B annually for clients including Worldpay - that could fit
---
The dark horse: A consortium play?
BVNK's cap table is Wall Street's who's who: Coinbase Ventures, Tiger Global, Haun Ventures, Visa, Citi.
What if they don't sell to one buyer?
What if the strategic investors (Visa + Citi + others) pool together to keep it neutral infrastructure?
Think: industry utility vs. competitive weapon.
---
BVNKs next owner matters
Stablecoin payment infrastructure is still fragmented:
- Stripe owns Bridge ($1.1B)
- Mastercard chasing Zerohash ($1.5-2B)
- BVNK is the last major independent with $20B+ volume
Whoever gets BVNK controls stablecoin-to-fiat rails for:
- Global payroll (Deel uses them)
- Cross-border treasury management
- Enterprise settlement (Worldpay, Flywire, dLocal)
---
The timeline:
Coinbase entered exclusivity in October. That deal is now dead. BVNK can talk to anyone.
Mastercard is already deep in Zerohash talks. Do they pivot? Do they do both?
Visa and Citi are already on the cap table. Do they protect their investment with acquisition?
---
What do you think - who makes the move?
• • •
Missing some Tweet in this thread? You can try to
force a refresh
