SBI-Backed Crypto Market Maker B2C2 Held Sale Talks With Multiple Buyers

B2C2, the cryptocurrency market maker 90% owned by Japan’s SBI Holdings, has held sale talks with multiple potential acquirers, according to a media report.

CoinDesk reported on 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 not clear whether any discussions are still ongoing.

Valuation has been a sticking point. CoinDesk said B2C2 is seeking a valuation of more than $1 billion, though a deal at that level may be difficult given current conditions in the crypto market.

Founded in 2015, B2C2 is a London-based institutional crypto market maker and liquidity provider. It offers liquidity and 24-hour trade execution across spot, derivatives, structured products and over-the-counter markets for banks, exchanges, brokers, hedge funds and asset managers.

The crypto market has recently weakened as trading volumes slow, economic concerns persist and appetite for risk assets fades. That creates pressure for market makers, whose earnings depend on trading flows and liquidity provision.

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, 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’s standalone results are not disclosed separately and are included in SBI’s crypto asset business segment. For the fiscal year ended March 31, that division reported revenue of ¥60 billion and pretax profit of ¥14 billion.