Crypto market maker B2C2's $1B valuation stalls sale talks

Crypto markets have struggled for much of the year as weaker trading volumes, economic concerns and fading risk appetite weighed on digital assets. That backdrop has hurt market makers, whose revenues depend on trading flows and liquidity provision. With spot volumes subdued, firms across the sector face pressure on profitability.

Mergers and acquisitions are expected to remain a defining theme in 2026 as digital asset firms consolidate to achieve scale, expand product offerings and meet institutional demand, according to industry analysts. Exchanges, market makers, custodians and financial technology providers are looking to buy complementary businesses to build integrated platforms.

SBI Financial Services, a subsidiary of SBI Holdings, acquired a 90% stake in B2C2 in December 2020, months after investing $30 million in the firm. B2C2's financial results are not disclosed separately; they are reported as part of SBI's broader crypto-asset business segment. For the fiscal year ended March 31, that segment generated 89.6 billion yen ($550 million) in revenue, up 10.9% from a year earlier. Profit before tax was unchanged at 21.2 billion yen.

SBI Holdings said last month it had agreed to buy cryptocurrency exchange Bitbank for around $289 million. Last year, B2C2 explored raising up to $200 million from external investors, a move that would have allowed SBI to reduce its stake while providing the London firm with additional growth capital.