Why Has B2C2 Been Discussing A Potential Sale?
Crypto market maker B2C2 has held takeover discussions with several potential buyers during the past 18 months, with talks covering the possible sale of part or all of the company.
The London-based firm, which is 90% owned by Japan’s SBI Holdings, has sought a valuation above $1 billion, according to people familiar with the private discussions. Valuation has been a sticking point, and it is unclear whether any negotiations remain active.
A deal at that level may be difficult under current market conditions. Crypto trading activity has weakened for much of the year as softer volumes, economic concerns and reduced investor risk appetite weighed on digital assets. That environment has placed pressure on market makers, whose revenue depends heavily on trading flows, spreads and demand for liquidity.
B2C2 declined to comment on the talks, while SBI did not provide a response before publication.
Founded in 2015, B2C2 provides cryptocurrency liquidity and execution services to banks, exchanges, brokers, hedge funds and asset managers. Its proprietary trading infrastructure supports spot markets, derivatives, structured products and over-the-counter transactions around the clock.
Why Is Valuing A Crypto Market Maker Difficult?
A market maker’s value depends partly on trading volume, client activity and the margins available from supplying liquidity. When spot and derivatives volumes decline, revenue can weaken even if the firm retains its technology, licenses and institutional relationships.
B2C2’s individual financial results are not disclosed because they are included within SBI’s wider crypto-asset business segment. That makes it harder for potential buyers to assess the market maker’s standalone profitability, cash generation and exposure to volatile trading conditions.
For the fiscal year ended March 31, SBI’s crypto-asset segment generated 89.6 billion yen, or about $550 million, in revenue. That represented a 10.9% increase from the previous year. Profit before tax was unchanged at 21.2 billion yen.
Those figures cover more than B2C2, however, and therefore do not provide a direct basis for supporting a valuation above $1 billion. Buyers would need access to private financial data showing how much revenue and profit B2C2 contributes, along with the durability of its institutional client activity.
Investor Takeaway
B2C2 may own valuable technology and institutional relationships, but a buyer must decide whether those assets justify a valuation above $1 billion while crypto trading volumes and market-making margins remain under pressure.
Could SBI Reduce Its Ownership Of B2C2?
SBI Financial Services acquired a 90% stake in B2C2 in December 2020, several months after making an initial $30 million investment in the company. The acquisition gave SBI access to institutional cryptocurrency liquidity and strengthened its digital asset operations.
B2C2 explored raising as much as $200 million from outside investors last year. That transaction would have provided the company with additional growth capital while allowing SBI to reduce its ownership.
The earlier fundraising effort and subsequent takeover discussions suggest several possible outcomes remain available. SBI could sell part of its stake, bring in another strategic investor or approve a full acquisition if a buyer meets its valuation expectations.
A partial transaction may be easier than a full takeover because it could provide B2C2 with capital and a new partner without requiring an acquirer to fund the entire valuation. A strategic buyer could also contribute distribution, regulatory access or additional institutional clients.
What Would A B2C2 Deal Mean For Crypto Mergers?
Mergers and acquisitions are expected to remain an important feature of the digital asset sector in 2026 as companies seek greater scale, wider product coverage and access to institutional customers.
Exchanges, custodians, liquidity providers and financial technology firms are increasingly examining acquisitions that combine trading, execution, custody and brokerage services within a single group. The strategy can reduce reliance on third-party providers and allow firms to serve clients across more parts of the digital asset market.
SBI has already continued its crypto expansion elsewhere. The company said last month that it had agreed to acquire cryptocurrency exchange Bitbank for about $289 million, adding another trading platform to its digital asset portfolio.
A sale of B2C2 would move in the opposite direction by reducing SBI’s exposure to institutional market making, unless the transaction involved only a minority stake. It could also attract buyers seeking immediate access to B2C2’s trading technology, OTC capabilities and relationships with traditional financial institutions.
The main question is whether potential acquirers expect crypto trading volumes to recover enough to support B2C2’s asking price. Without stronger activity or clearer standalone financial results, the gap between the company’s valuation target and what buyers are willing to pay may continue to delay a deal.
