Coinbase Walks Away From $2B BVNK Deal; Rumble Agrees $767M AI Buy
Coinbase walks away from a planned $2 billion acquisition of UK stablecoin infrastructure startup BVNK after weeks of due diligence. The deal would have bolstered Coinbase’s institutional stablecoin business, which already contributes 19% of total revenue ($246 million in Q3). Had it closed, it would be Coinbase’s second-largest acquisition, after the $2.9 billion Deribit takeover. By walking away, Coinbase frees up capital to explore other stablecoin opportunities amid growing institutional demand and new U.S. regulatory clarity under the GENIUS Act.
Meanwhile, video platform Rumble has agreed to acquire AI infrastructure firm Northern Data in a $767 million stock deal backed by a $775 million investment from Tether. The move deepens crypto-AI convergence, with partnerships on GPU services and advertising. Rumble’s shares rose 7.6% over the past week on the news. Traders should watch ongoing M&A activity, stablecoin competition, and cross-sector ties for market signals.
Neutral
The mutual termination of Coinbase’s $2 billion BVNK acquisition is unlikely to rattle markets significantly. Coinbase walks away to preserve capital amid a booming $312 billion stablecoin market and favorable U.S. regulation, keeping options open for future deals. Historically, failed M&A talks at this scale have had a neutral impact when core operations remain strong—as seen when other large tech firms shelved deals without harming stock performance. Meanwhile, Rumble’s $767 million AI acquisition, backed by Tether, highlights growing crypto-AI partnerships but is peripheral to spot trading. In the short term, traders may see modest shifts around stablecoin and AI themes; long term, continued M&A and regulatory clarity should support market stability rather than drive sharp directional moves.