B2C2, a London-based cryptocurrency market maker majority-owned by Japan’s SBI Holdings, has engaged in discussions with several prospective buyers regarding a partial or full sale of the company, according to recent reports. These conversations, which have spanned roughly the past year and a half, involve multiple interested parties, though it remains unclear whether any negotiations are still active.
Valuation has emerged as a key point of contention. Sources indicate that B2C2 is aiming for a price tag exceeding $1 billion.
However, achieving that figure could prove challenging in the present market climate, where trading activity has slowed and risk appetite among investors has diminished.
Established in 2015, B2C2 specializes in providing institutional-grade liquidity and round-the-clock trade execution.
Its services span spot markets, derivatives, structured products, and over-the-counter transactions, catering to banks, exchanges, brokers, hedge funds, and asset managers.
The firm’s business model relies heavily on consistent trading volumes and the ability to supply depth across digital asset markets.
Recent softening in the broader cryptocurrency sector has added pressure.
Declining volumes, ongoing macroeconomic uncertainties, and reduced enthusiasm for higher-risk assets have squeezed the revenues of market makers, whose profitability is closely tied to transaction flows and liquidity demand.
Against this backdrop, industry observers anticipate that mergers and acquisitions will continue as a dominant trend throughout 2026.
Companies across the ecosystem—including exchanges, market makers, custodians, and fintech platforms—are expected to pursue consolidation strategies.
The goal is to achieve greater scale, enhance competitiveness, and better position themselves to meet rising institutional interest while navigating an evolving regulatory landscape.
SBI Holdings’ involvement with B2C2 dates back several years.
In 2020, the Japanese financial group first invested $30 million in the firm before its subsidiary, SBI Financial Services, acquired a 90 percent stake later that December.
B2C2’s financial results are not reported on a standalone basis; instead, they are consolidated within SBI’s crypto asset business segment.
For the fiscal year ending March 31, that division generated approximately ¥60 billion in revenue and ¥14 billion in pretax profit.
The reported sale talks reflect wider dynamics in the digital asset space, where strategic combinations are increasingly viewed as a path to resilience and growth.
Market makers like B2C2 play a critical role in ensuring efficient price discovery and continuous liquidity, making them attractive targets for larger players seeking to expand their institutional offerings.
While no definitive agreement has been confirmed, the fact that multiple buyers have engaged over an extended period underscores ongoing interest in high-quality crypto infrastructure businesses.
Whether a transaction materializes at the desired valuation—or at all—will likely depend on broader market recovery and the specific strategic fit between B2C2 and any potential acquirer.
As the industry moves deeper into 2026, such discussions are expected to multiply. Firms that can demonstrate robust technology, established client relationships, and operational reliability remain well-positioned, even as near-term conditions test profitability across the sector.
