B2C2, the London-based crypto market maker 90 percent owned by Japan's SBI Holdings, held takeover discussions with several potential acquirers over the past 18 months—with valuation proving the primary sticking point.
B2C2 sought a valuation exceeding $1 billion, a figure buyers could not justify given current market conditions. Institutional acquirers in this space scrutinize liquidity depth, order flow volume and spread revenue closely, and right now those metrics aren't commanding unicorn multiples.
Market makers like B2C2 sit at the core of institutional crypto infrastructure. They facilitate large block trades, tighten bid-ask spreads and keep price discovery functioning in volatile conditions. Lose them, and institutional flow dries up fast.
SBI Holdings increased its stake in B2C2 to 90 percent in 2020, a direct bet on global institutional crypto trading infrastructure. The Japanese financial services group has steadily expanded its digital asset exposure since.
The macro backdrop isn't helping. Bitcoin trades at $66,000, off recent highs, and the Crypto Fear & Greed Index sits at 27—deep in fear territory. When sentiment compresses like this, acquisition multiples for crypto-native firms compress with it.
Consolidation is still a live theme across digital assets. Firms with clean balance sheets and real revenue attract serious attention. But buyers are disciplined on price, and B2C2's $1 billion ask found no takers.
