Crypto market maker B2C2 held sale talks with multiple potential buyers
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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B2C2, a London-based crypto market maker and liquidity provider, has been engaged in takeover discussions with several potential buyers over the past 18 months. The company is 90% owned by Japan's SBI Holdings, which acquired its majority stake in December 2020 following a $30 million investment. According to multiple sources familiar with the matter, valuation issues have stalled negotiations, with B2C2 reportedly seeking a price exceeding $1 billion. Achieving such a valuation has proven challenging given the current subdued crypto market environment.
Founded in 2015, B2C2 offers institutional clients—including banks, exchanges, brokers, hedge funds, and asset managers—access to deep liquidity and 24/7 trading execution across spot, derivatives, structured products, and over-the-counter markets. However, the broader crypto market has faced headwinds throughout the year amid weaker trading volumes, economic uncertainty, and diminished risk appetite, which have negatively impacted market makers like B2C2 that depend heavily on trading flows for revenue.
The talks surrounding B2C2's potential sale come at a time when consolidation is accelerating across the digital asset industry as firms seek scale and expanded institutional offerings in a market moving toward greater maturity and regulation. Industry analysts expect mergers and acquisitions to remain prominent in 2026, with exchanges, market makers, custodians, and fintech providers pursuing acquisitions to build integrated digital asset platforms.
While the details of B2C2's financial performance are not reported separately, SBI Holdings’ broader crypto-asset business segment—within which B2C2 is included—recorded revenues of 89.6 billion yen (around $550 million) for the fiscal year ending March 31, 2026, marking a 10.9% increase year-on-year, with profit before tax steady at 21.2 billion yen. Last year, B2C2 had also considered raising up to $200 million in external funding, a move that would have provided growth capital and allowed SBI to reduce its ownership stake. No comment was provided by B2C2 or SBI Holdings regarding the sale discussions.