Fortune reports that Coinbase’s $2 billion acquisition of BVNK fell through during due diligence, the final stage before closing a deal.
Coinbase and stablecoin startup BVNK have reportedly parted ways on a $2 billion acquisition deal that would have been among the largest crypto company deals ever and would’ve significantly expanded Coinbase’s institutional stablecoin offering.
Fortune reported on Tuesday that the decision was mutual, but it isn’t clear why the parties sought to cancel the deal. Coinbase and BVNK, which builds stablecoin infrastructure, had reached the due diligence stage of the deal after signing an exclusivity agreement in October.
“After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward,” a Coinbase spokesperson told Fortune, adding that it would continue to explore other opportunities.
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