Crypto market maker B2C2 held sale talks with multiple potential buyers
B2C2, a crypto market maker 90% owned by SBI Holdings, has held takeover talks with several potential acquirers over the past 18 months, according to sources. Valuation has been a sticking point in the discussions.
Intelligence analysis by Llama
B2C2, a crypto market maker owned by SBI Holdings, has held sale talks with multiple potential buyers. Valuation has been a sticking point in the discussions.
Imagine a company that helps other companies trade digital money. This company, B2C2, is being considered for sale by its owner, SBI Holdings. The problem is that nobody wants to pay the price that B2C2 wants, which is over $1 billion. This is a big deal because it shows that the digital asset industry is still growing and changing.
Analysis
A $60B Vote of Confidence
B2C2, the crypto market maker 90% owned by SBI Holdings, has held takeover talks with several potential acquirers over the past 18 months, according to five people with knowledge of the matter. The discussions have been hindered by valuation, with B2C2 seeking a price of more than $1 billion. This valuation is difficult to achieve in the current crypto market, where spot trading volumes have been subdued and firms across the sector have faced pressure on profitability.
Why Cursor?
The reported talks come amid a wave of consolidation across the digital asset industry, as firms pursue acquisitions to expand institutional offerings and scale in a maturing market. Exchanges, market makers, custodians, and financial technology providers are looking to acquire complementary businesses to build integrated digital asset platforms. This trend is expected to continue in 2026, with industry analysts predicting that mergers and acquisitions will remain a defining theme in the sector.
The Road Ahead
B2C2's financial results are not disclosed separately, but they are reported as part of SBI's broader crypto-asset business segment. For the fiscal year ended March 31, that segment generated 89.6 billion yen ($550 million) in revenue, up 10.9% from a year earlier, while profit before tax was unchanged at 21.2 billion yen. SBI Holdings has also agreed to buy cryptocurrency exchange Bitbank for around $289 million, further consolidating its position in the digital asset industry.
Key points
- B2C2, a crypto market maker 90% owned by SBI Holdings, has held takeover talks with several potential acquirers over the past 18 months.
- Valuation has been a sticking point in the discussions, with B2C2 seeking a price of more than $1 billion.
- The reported talks come amid a wave of consolidation across the digital asset industry, as firms pursue acquisitions to expand institutional offerings and scale in a maturing market.
- Exchanges, market makers, custodians, and financial technology providers are looking to acquire complementary businesses to build integrated digital asset platforms.
If B2C2 is sold to a new owner, it could bring in fresh ideas and capital to help the company grow and expand its services. This could lead to more opportunities for other companies in the digital asset industry to work with B2C2 and benefit from its expertise.
If B2C2 is unable to find a buyer at its desired price, it could lead to financial difficulties for the company. This could also impact the digital asset industry as a whole, as B2C2 is a key player in the market.
