Mastercard Outbids Coinbase in $1.8B BVNK Acquisition

Mastercard's largest crypto-related acquisition to date has closed, and it beat out a rival bid from Coinbase. The payments giant acquired London-based stablecoin infrastructure company BVNK for up to $1.8 billion on August 3, 2026. This figure includes a contingent payment of up to $300 million, which will be paid if BVNK's team hits certain milestones.

The acquisition talks between Coinbase and BVNK began in October 2025, with a deal valued between $1.5 billion and $2.5 billion on the table. However, both sides mutually agreed to walk away from the proposed deal in November 2025 due to 'cultural reasons.'

BVNKS' founders reportedly chose Mastercard's offer for these reasons, allowing the payments giant to integrate on-chain crypto payments with its existing fiat infrastructure.

This deal puts competitive pressure on Visa, which has been making its own stablecoin-related investments. For Coinbase, missing out on this acquisition means it will no longer be able to own a critical piece of cross-border payment infrastructure that now sits inside Mastercard's ecosystem.