Coinbase Deal Collapses, Senate Moves on Crypto Bill, Saylor Buys the Top Again

One of the largest stablecoin deals on record has fallen apart. Coinbase confirmed it has ended acquisition talks with BVNK, the U.K.-based stablecoin payments startup, after both sides entered exclusivity in October. 

The proposed $2 billion price tag would have doubled the valuation Stripe paid earlier this year for Bridge, another stablecoin firm.

A Coinbase spokesperson said the decision was mutual, adding that the exchange will continue to evaluate opportunities to expand its trading and payments ecosystem. BVNK declined to comment.

The deal would have marked Coinbase’s largest step into stablecoin infrastructure, following its $2.9 billion purchase of Deribit in January. 

The collapse comes amid an active year for stablecoin mergers, including Modern Treasury’s $40 million acquisition of Beam and Mastercard’s rumored pursuit of Zerohash for up to $2 billion.

Stablecoins remain one of the most contested battlegrounds in fintech. They now anchor payment rails for major exchanges and increasingly attract interest from traditional institutions. 

Even after this setback, Coinbase appears determined to build a stronger position in the stablecoin economy.

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A bipartisan Senate committee unveiled a draft bill that would grant the Commodity Futures Trading Commission direct oversight of crypto spot markets for the first time. 

The legislation, led by Senators John Boozman and Cory Booker, defines digital commodities broadly as any fungible digital asset that can be possessed and transferred without an intermediary.

The bill mirrors key elements of the House-passed CLARITY Act and would require spot trading platforms to register with the CFTC while adhering to new anti-fraud, recordkeeping, and fund segregation standards. 

A dedicated funding stream for the agency would begin 270 days after enactment, giving exchanges time to comply.

Industry reaction has been cautiously positive. ConsenSys counsel Bill Hughes called the bill a constructive step toward safeguarding self-custody rights and clarifying the split between securities and commodities regulation.

Combined with recent IRS guidance allowing crypto trusts to stake assets, the measure points toward an emerging framework for regulated participation in digital asset markets. It also underscores how the next wave of adoption will be built on compliance rather than speculation.

After record inflows in October, crypto ETFs turned sharply lower last week. Data from Farside Investors shows that Bitcoin and Ethereum products collectively lost $2.4 billion between November 3 and 7, erasing part of the prior month’s gains.

BlackRock and Fidelity led redemptions, with their funds shedding over $1 billion combined. Ark Invest saw $129 million in outflows, while Grayscale’s products continued to lose ground to lower-fee competitors. Only Bitwise posted positive inflows, adding a modest $4.7 million.

Analysts attribute the reversal to profit-taking following Bitcoin’s brief rally above $110,000. The move highlights how sensitive institutional flows remain to price fluctuations. Despite the setback, Bitcoin still trades near $107,000, holding much of its year-to-date performance.

Traders now expect that progress on the U.S. shutdown resolution could restore some inflows later this week, especially if macro conditions remain supportive.

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Terminal Finance is emerging as a bridge between decentralized markets and traditional finance. Its permissioned trading framework introduces institutional-grade controls that allow regulated investors to trade tokenized assets without leaving their compliance perimeter.

The platform integrates directly with SEC-registered products such as Securitize’s USDtb and BlackRock’s BUIDL fund, offering tokenized Treasury bill exposure alongside digital assets. 

Institutional participants must pass KYC and accreditation checks before accessing its permissioned exchange layer, while retail users can still trade through the platform’s open DEX.

The model has gained traction quickly. Terminal’s pre-deposit phase attracted $280 million in commitments across USDe, WETH, and WBTC within two months.

The rise of platforms like Terminal signals a shift from purely permissionless infrastructure to hybrid architectures that satisfy both innovation and regulation. DeFi’s next expansion may not come from breaking rules but from rewriting them to fit inside institutional walls.

With the BVNK deal off, Coinbase’s appetite for strategic expansion shows no sign of cooling. The company has spent nearly $3 billion on acquisitions this year, focusing on derivatives, fundraising technology, and global compliance.

CEO Brian Armstrong emphasized during the third-quarter call that all M&A activity supports its twin focus on trading and payments. 

The termination of the BVNK acquisition may redirect capital toward its new public token sales platform, which launched this week with Monad as its first listing.

Analysts expect Coinbase to keep pursuing infrastructure that strengthens its regulatory moat as stablecoin and DeFi competition intensifies.

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Strategy, formerly MicroStrategy, added another 487 BTC last week for $49.9 million at an average price of $102,557, once again buying into strength rather than weakness. 

Critics call it a habit of “buying the top,” but the firm’s consistent approach reflects structural timing more than sentiment.

Corporate liquidity events often dictate Strategy’s entry points. The company deploys capital following equity raises or bond issuances, which usually occur when liquidity is deepest and Bitcoin is rallying.

Since 2020, the firm has accumulated 641,692 BTC worth around $68 billion, generating roughly $20 billion in paper gains. While the purchases appear mistimed in the short run, the long-term results rank among the most successful corporate treasury allocations on record.

The bigger question is sustainability. Strategy faces $689 million in interest payments due in 2026, and its cost of capital has risen above 10 percent. Critics warn that a prolonged downturn could force dilutive financing.

For now, Michael Saylor shows no sign of slowing down. His latest post summed it up: “₿uy high, sell never.”

Crypto’s institutional scaffolding continues to expand, even as cracks appear in its foundations. Coinbase’s $2 billion deal collapse, the Senate’s draft regulation, and last week’s ETF outflows all point to a market pausing for structure rather than retreating from it.

Saylor keeps buying, regulators keep legislating, and platforms like Terminal keep building compliance bridges. The narrative of 2025 is not about exuberance but integration. Every setback is also a signal of maturity, each headline another layer in crypto’s slow migration from experiment to establishment.

The short-term noise remains, but the long-term architecture is taking shape.