LONDON — London-based crypto market maker B2C2 held takeover discussions with several potential acquirers over the past 18 months, with valuation disagreements killing every deal.
The firm sought a valuation exceeding $1 billion. Japan's SBI Holdings, which owns a 90 percent stake in B2C2, walks away from the process still holding its dominant position — and buyers walked away unwilling to meet that price.
Market makers like B2C2 run liquidity across digital asset exchanges and OTC desks, facilitating billions in daily trading volume. That function is critical for price discovery and execution. There is real demand for this infrastructure — but demand at the right price is a different conversation.
The Crypto Fear & Greed Index sits at 27, deep in fear territory. That reading matters here. Buyers compress multiples in fear markets, and no acquirer is stretching to pay a billion-dollar premium for a crypto service business when sentiment is this soft. SBI wanted peak-cycle pricing; the market wasn't offering it.
B2C2 keeps operating as a key liquidity provider without a new owner. Until sentiment shifts and buyers return with appetite for infrastructure plays at these valuations, SBI holds its 90 percent stake and waits.
