On November 11, 2025, Coinbase Global Inc. confirmed it has terminated its planned $2 billion acquisition of stablecoin infrastructure startup BVNK, citing a strategic realignment and misalignment with its core trading and payments focus. This move comes after the deal had reached advanced stages, reflecting ongoing regulatory and market challenges in the stablecoin sector[2][5]. The announcement triggered a sharp reaction in the stock, with COIN closing at $304.78 in after-hours trading, down -4.14% from the previous close. The market viewed the failed acquisition as a setback for Coinbase's stablecoin ambitions, contributing to the pronounced price decline.