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B2C2 explored sale at over $1 billion valuation, CoinDesk reports

B2C2 explored sale at over $1 billion valuation, CoinDesk reports

The SBI Holdings-owned crypto market maker held talks with multiple buyers over 18 months as crypto-industry consolidation is expected to remain a key theme into 2026.

Fact Check
The primary CoinDesk article directly confirms B2C2's sale talks with multiple potential buyers over the past 18 months, valuation as the key obstacle, and no completed deal. Two independent aggregators (Odaily and BlockBeats) citing the same CoinDesk report specifically confirm the 'over $1 billion' valuation figure and B2C2's SBI Holdings ownership. All components of the claim align with the sourced reporting.
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Summary

Crypto market maker B2C2, which is 90% owned by Japan’s SBI Holdings, held acquisition discussions with several potential buyers over the past 18 months, CoinDesk reported on July 24, citing five people familiar with the matter. The talks covered a sale of part or all of the company, though it was unclear whether any discussions were still active. Valuation remained the main obstacle, with B2C2 seeking more than $1 billion even as a deal at that level may be hard to achieve in current crypto market conditions. Founded in 2015, London-based B2C2 provides institutional liquidity and round-the-clock execution across spot, derivatives, structured products and over-the-counter markets. The report comes as the sector expects mergers and acquisitions to stay active into 2026, with exchanges, market makers, custodians and fintech firms pursuing scale amid weaker trading volumes, softer risk appetite and evolving regulation.

Terms & Concepts
  • market maker: A firm that continuously provides buy and sell quotes to help keep markets liquid.
  • over-the-counter markets: Trading venues where deals are negotiated directly between counterparties rather than on public exchanges.
  • structured products: Customized financial instruments built to give investors specific risk and return exposure.