CoinDesk
B2C2, the London-based crypto market maker 90% owned by Japan's SBI Holdings, has held takeover discussions with several potential acquirers over the past 18 months, according to five people familiar with the matter. The talks have been complicated by valuation: B2C2 is said to be seeking a price of more than $1 billion, a level one source described as difficult to achieve in the current crypto market. It is unclear whether any discussions remain active, and a B2C2 spokesperson declined to comment while SBI did not respond by publication time.
B2C2 sits in the top tier of institutional crypto liquidity providers, serving banks, exchanges, brokers, hedge funds and asset managers with spot, derivatives, structured products and OTC execution. SBI Financial Services acquired its 90% stake in December 2020, and the firm has been a centrepiece of SBI's broader digital-asset strategy: that segment generated 89.6 billion yen (about $550 million) in revenue for the fiscal year ended March 31, up 10.9% year on year, with profit before tax flat at 21.2 billion yen.
Why it matters
The reported talks are a symptom of a tougher operating environment for crypto market makers, whose revenues depend on trading flow and liquidity provision. Spot volumes have been subdued for much of the year as fading risk appetite and macro uncertainty weighed on digital assets, compressing margins across the sector. Industry analysts expect M&A to remain a defining theme through 2026, with exchanges, custodians and fintech providers buying complementary businesses to build integrated, institution-grade platforms. SBI's appetite is already visible: the Japanese group agreed last month to acquire crypto exchange Bitbank for around $289 million.
Market impact
A B2C2 sale above $1 billion would set a fresh benchmark for institutional crypto infrastructure valuations at a moment when comparables are scarce. The absence of a deal, or a sale at a lower multiple, would reinforce the read that liquidity providers are being repriced alongside the volumes they depend on.
Frequently asked questions
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What is B2C2?
B2C2 is a London-based institutional cryptocurrency market maker and liquidity provider founded in 2015. It serves banks, exchanges, brokers, hedge funds and asset managers with spot, derivatives, structured products and OTC execution.
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Who owns B2C2?
Japan's SBI Holdings owns 90% of B2C2, a stake acquired by subsidiary SBI Financial Services in December 2020. B2C2 is not separately listed and its financials roll into SBI's broader crypto-asset segment.
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How much is B2C2 trying to sell for?
Sources told reporters B2C2 is seeking a valuation above $1 billion in the takeover discussions. One source said that price would be difficult to achieve in the current crypto market.
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Why are crypto market makers under pressure?
Market maker revenues depend on trading flow and liquidity provision. Spot volumes have been subdued for much of the year amid weaker risk appetite, squeezing margins and pushing firms to seek scale through consolidation.
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What does this deal signal for the wider crypto M&A market?
Industry analysts expect M&A to remain a defining theme through 2026 as digital-asset firms consolidate to build integrated, institution-grade platforms. SBI's parallel $289M deal for Bitbank shows one major player already executing on that playbook.
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