The SBI Holdings-owned crypto trading firm has reportedly drawn interest from several potential buyers over the last 18 months, but disagreements over valuation have complicated negotiations.
By Will Canny|Edited by Sheldon Reback Jul 24, 2026, 11:49 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on B2C2 Engages in Sale Discussions with Various Interested Buyers. (Unsplash)SummaryShow- B2C2, a crypto market maker predominantly owned by SBI Holdings, has reportedly engaged in discussions with multiple potential buyers over the past 18 months.
- Valuation issues have emerged, with B2C2 said to be seeking over $1 billion, a figure that may be challenging to reach under present market conditions.
- The ongoing discussions coincide with a trend of consolidation in the digital asset sector, as companies aim to expand offerings and scale operations.
B2C2, a crypto market maker that is 90% owned by Japan's SBI Holdings, has been in talks regarding a potential sale with several interested parties over the last 18 months, as per sources familiar with the situation.
According to two individuals who spoke anonymously due to the private nature of the matter, valuation has been a significant hurdle in these discussions.
The firm, based in London, is reportedly aiming for a valuation exceeding $1 billion, although one source indicated that achieving this in the current crypto market may be difficult.
Conversations have revolved around selling part or all of the firm, though it remains unclear if any talks are still active.
A spokesperson for B2C2 declined to provide comments, while SBI has yet to respond to requests for comment by the time of publication.
Established in 2015, B2C2 serves as an institutional cryptocurrency market maker and liquidity provider, facilitating the trading of digital assets for banks, exchanges, brokers, hedge funds, and asset managers. The firm employs proprietary technology to ensure deep liquidity and around-the-clock execution across spot, derivatives, structured products, and over-the-counter (OTC) markets.
This year, crypto markets have faced challenges, with declining trading volumes and economic uncertainties impacting digital assets. These conditions have adversely affected market makers, whose revenue largely relies on trading activity and liquidity provision. With spot trading volumes low, firms in the sector are experiencing profitability pressures.
Industry analysts predict that mergers and acquisitions will remain a key trend in 2026 as firms in the digital asset space consolidate to enhance scale, broaden product offerings, and cater to growing institutional demand.
Exchanges, market makers, custodians, and financial technology companies are actively seeking complementary acquisitions to create integrated digital asset platforms, signaling the evolution of the crypto market into a more regulated and institutional framework.
SBI Financial Services, a subsidiary of SBI Holdings, acquired a 90% interest in B2C2 in December 2020, shortly after investing $30 million in the company.
B2C2's financial performance is not disclosed separately and is included within SBI's broader crypto-asset business segment. For the fiscal year ending March 31, this segment reported revenues of 89.6 billion yen ($550 million), a 10.9% increase from the previous year, while profit before tax remained stable at 21.2 billion yen.
Last month, SBI Holdings announced its plan to acquire cryptocurrency exchange Bitbank for approximately $289 million.
In the previous year, B2C2 considered raising up to $200 million from outside investors, which would have allowed SBI to decrease its stake while providing B2C2 with additional capital for growth.
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Why it matters:
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