SBI-Backed Crypto Market Maker B2C2 Held Sale Talks With Multiple Buyers
Summary
- Japan’s SBI Holdings, which owns a 90% stake in crypto market maker B2C2, held sale talks with multiple potential buyers, according to a CoinDesk report.
- B2C2 is seeking a valuation of more than $1 billion, though a deal at that level may be difficult in the current crypto market environment.
- The crypto industry expects mergers and acquisitions (M&A) to remain a major theme in 2026 as exchanges, market makers, custodians and fintech firms pursue consolidation and greater scale.
Forecast Trend Report by Period
B2C2, the cryptocurrency market maker 90% owned by Japan’s SBI Holdings Inc., has held sale talks with multiple potential acquirers, CoinDesk reported.
The crypto-focused media outlet said July 24, citing five people familiar with the matter, that B2C2 has negotiated with several prospective buyers over the past 18 months.
The talks focused on a sale of part or all of the company. It was unclear whether any negotiations are still ongoing.
Valuation is the main sticking point. CoinDesk reported that B2C2 is seeking a valuation of more than $1 billion. But a deal at that level may be hard to pull off in the current crypto market environment.
Founded in 2015, B2C2 is a London-based institutional crypto market maker and liquidity provider. It provides liquidity and 24-hour trade execution in spot, derivatives, structured products and over-the-counter markets for banks, exchanges, brokers, hedge funds and asset managers.
The crypto market has been sluggish recently as trading volumes slow, economic concerns persist and appetite for risk assets weakens. That pressures market makers’ profitability because their business depends on trading flows and liquidity provision, while lower spot volumes weigh on revenue.
The crypto industry expects mergers and acquisitions to remain a major theme in 2026. Exchanges, market makers, custodians and fintech firms are continuing to consolidate and build scale in response to growing institutional demand and changes in the regulatory environment.
SBI Financial Services Co., a unit of SBI Holdings, acquired a 90% stake in B2C2 in December 2020. The transaction came just months after SBI invested $30 million in B2C2 earlier that year.
B2C2 does not disclose standalone earnings and is included in SBI’s crypto-asset business segment. That division posted revenue of 89.6 billion yen and pretax profit of 21.2 billion yen in the fiscal year ended March 31.
