KUALA LUMPUR, Dec 12 (Bernama) -- Bursa Malaysia’s key index closed higher today on bargain hunting, in line with positive investor sentiment across regional markets, consolidating at its highest level in more than two months — a level last seen on Oct 2, 2025. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.42 points, or 0.76 per cent, to 1,637.81, compared with Thursday’s close of 1,625.39. The benchmark index opened 2.83 points lower at 1,622.56, thereafter edged down to an early low of 1,622.03, before staging an uptrend to an intraday high of 1,640.36 in late trading. Market breadth was positive, with gainers trouncing decliners at 743 versus 387. Another 530 counters were unchanged, 1,108 untraded, and 16 suspended. Turnover increased to 3.09 billion units worth RM2.46 billion from 2.99 billion units worth RM2.35 billion on Thursday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI ended higher on continued...
Coinbase Global Inc. has called off its planned US$2 billion acquisition of BVNK, a UK-based stablecoin infrastructure startup, ending what could have been one of the crypto industry’s biggest M&A deals this year.
“After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward,” a Coinbase spokesperson said in a statement. BVNK did not immediately comment.
Key Takeaways
1. A high-profile deal that fizzled out
Talks between Coinbase and BVNK had reached an advanced stage, with both sides expecting to finalize the deal by year-end or early 2026. The decision to walk away marks a rare pullback for Coinbase, which has aggressively expanded into new verticals such as stablecoins and global payments.
2. Coinbase’s venture arm already has skin in the game
Even without the acquisition, Coinbase Ventures remains an investor in BVNK. The startup provides key stablecoin infrastructure and cross-border payment rails — a strategic area as Coinbase aims to reduce reliance on volatile trading revenue and pivot toward recurring fee-based services.
3. Stablecoins remain a big opportunity — but also a regulatory minefield
Stablecoins have emerged as a major battleground for crypto adoption, but they also face tightening scrutiny from regulators in both the U.S. and Europe. By stepping back from this deal, Coinbase may be avoiding additional compliance risks tied to stablecoin issuance and banking integration.
4. Market sentiment: cooling or cautious?
The collapse of the BVNK deal comes at a time when crypto M&A activity has slowed amid volatile markets and policy uncertainty.
Still, Coinbase continues to expand its international footprint, recently launching Coinbase International Exchangeand Base, its layer-2 blockchain, signaling that growth remains on the agenda — just through organic means rather than big-ticket acquisitions.
Bottom Line
The end of Coinbase’s BVNK acquisition shows a more cautious phase for the exchange — one where it’s choosing stability over speed.
While stablecoins remain central to the company’s long-term vision, regulatory uncertainty and shifting market dynamics may have made a US$2 billion bet too risky, too soon.
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