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B2C2 sale talks face valuation hurdles amid crypto consolidation

The London-based market maker is reportedly seeking a valuation above $1 billion, a level described as difficult to achieve in the current crypto market.

Reported · Written up by our desk · Market Structure

CoinDesk reports that B2C2, a crypto market maker 90% owned by SBI Holdings, has held takeover discussions with multiple potential buyers over the past 18 months, but talks have stalled over valuation.

According to sources familiar with the matter, B2C2 is seeking a valuation above $1 billion, which one person said would be difficult to secure given current conditions in digital asset markets. Discussions have reportedly focused on the sale of part or all of the company, though it is unclear whether talks are still active.

Founded in 2015, B2C2 provides institutional liquidity and execution for banks, exchanges, brokers, hedge funds, and asset managers across spot, derivatives, structured products, and over the counter markets. Its spokesperson declined to comment, and SBI did not respond to a request for comment by publication time.

CoinDesk adds that weaker crypto trading volumes and a tougher risk backdrop have pressured market makers, whose revenue depends on trading flows and providing liquidity, as consolidation accelerates across the industry. Industry analysts cited by the outlet expect M&A to remain a defining theme in 2026 as firms seek scale and expanded institutional offerings.

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