Crypto market maker B2C2 held sale talks with multiple potential buyers
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- B2C2 has held sale discussions with several potential acquirers over the past 18 months involving part or all of the London-based firm, according to five people familiar with the matter, though it's unclear whether any talks remain active.
- B2C2 is seeking a valuation above $1 billion — a price one source said would be difficult to achieve given weak trading volumes and fading risk appetite that have pressured market-maker profitability.
- SBI Holdings, which acquired its 90% stake in B2C2 in December 2020 after an initial $30 million investment, declined to comment; a B2C2 spokesperson also declined.
- SBI's crypto-asset segment, which includes B2C2, generated 89.6 billion yen ($550 million) in revenue for the fiscal year ended March 31, up 10.9% year-over-year, while profit before tax held flat at 21.2 billion yen.
- SBI Holdings agreed last month to acquire Japanese crypto exchange Bitbank for roughly $289 million, even as its B2C2 subsidiary explored exit options.
- B2C2 explored raising up to $200 million from external investors last year — a round that would have let SBI trim its 90% stake while funding growth.
- Industry analysts expect crypto M&A to remain a defining theme through 2026 as exchanges, market makers, custodians and fintech providers consolidate to build integrated institutional platforms.
Why it matters: B2C2's inability to clear a $1 billion ask underscores how the 2025 crypto downturn — weak spot volumes, fading risk appetite — is squeezing market-maker economics and forcing sellers to either accept lower marks or stay put. Meanwhile parent SBI is still in buying mode, having just signed a $289 million deal for Bitbank, meaning B2C2's ownership question lingers as industry-wide consolidation accelerates into 2026.
