LONDON — B2C2, the London-based crypto market maker 90 percent owned by Japan's SBI Holdings, has held takeover discussions with several potential acquirers over the past 18 months. The firm sought a valuation exceeding $1 billion—a price target that stalled negotiations with every suitor it engaged.
Market makers like B2C2 provide liquidity across centralized exchanges and over-the-counter desks, capturing spreads on volume and volatility. With the Crypto Fear & Greed Index sitting at 27, buyer appetite for that kind of infrastructure at unicorn prices is thin. Fear-driven markets compress spreads and trading volumes, which puts direct pressure on market maker revenue and, by extension, what an acquirer will pay.
SBI Holdings acquired its 90 percent stake in B2C2 in 2020 to expand its digital asset footprint globally. B2C2's services span spot trading, derivatives and prime brokerage—core infrastructure for institutional clients that makes it a legitimate strategic target for any TradFi firm serious about crypto.
Traditional financial institutions continue to eye established crypto firms for their technology stacks and existing client bases. A B2C2 deal would represent a major consolidation event in the digital asset infrastructure sector, but buyers are not writing nine-figure checks without regulatory clarity.
The CLARITY Act, which defines digital asset jurisdiction in the United States, remains a critical factor in institutional M&A decisions at this scale. Acquiring a market maker at $1 billion-plus demands a clear view of how that business gets regulated going forward—and that picture is still forming.
If a sale does not materialize at SBI's target price, the firm can hold B2C2 and continue using its liquidity provision to support SBI's own expanding crypto operations, waiting for a stronger market cycle before revisiting a sale.
