B2C2 Explores Sale Opportunities Amid Market Challenges

B2C2, an institutional cryptocurrency market maker based in London, has engaged in discussions regarding a potential sale with several interested parties over the past 18 months. The firm, which is 90% owned by SBI Holdings, is reportedly seeking a valuation exceeding $1 billion, which some sources indicate may be difficult to achieve given current market conditions.

These takeover talks come during a period of consolidation in the digital asset sector, as firms aim to enhance their institutional offerings and scale operations. B2C2 has faced challenges impacting its revenue due to weaker trading volumes and a declining risk appetite in the crypto markets, which have affected the profitability of many market makers.

Founded in 2015, B2C2 facilitates trading for banks, exchanges, and asset managers through its proprietary technology, providing deep liquidity across various markets including over-the-counter (OTC) trades and derivatives. The discussions may involve either a partial or full sale of the company, although it remains uncertain whether any negotiations are ongoing.

Analysts expect mergers and acquisitions to continue shaping the crypto landscape in 2026 as firms seek to consolidate and expand their product offerings to meet rising institutional demand. B2C2's parent company, SBI Holdings, acquired a 90% stake in the firm in December 2020 after an initial investment of $30 million, although B2C2's financial details are integrated within SBI's crypto-asset segment, which reported a revenue of 89.6 billion yen (approximately $550 million) for the fiscal year ending March 31, 2026.

In recent months, various entities within the cryptocurrency space have explored acquisition options to strengthen their positions. The ongoing transformation of the industry towards a more institutional and regulated framework continues to influence these market dynamics.