B2C2, the crypto market maker owned by Japanese financial giant SBI, has been in sale talks with multiple potential buyers over the past 18 months, but valuation has been a key sticking point, according to people familiar with the matter.
Who's been circling
The firm, one of the largest liquidity providers in digital assets, has held discussions with several interested parties. The talks have been ongoing since early 2025, but no deal has materialized. The main obstacle: agreeing on a price. B2C2's valuation expectations and what buyers are willing to pay haven't aligned.
B2C2 is a major player in crypto market making, providing liquidity across exchanges and OTC desks. Its parent, SBI Holdings, acquired the firm in 2020. A sale would mark a significant shift in the market making landscape. The drawn-out process suggests that even well-capitalized buyers are cautious about pricing in the current environment.
The talks are still alive, but there's no timeline for a resolution. B2C2 continues to operate normally, serving its clients. For now, the valuation gap remains the central issue. Whether a buyer steps up to meet the price — or B2C2 adjusts its expectations — will determine if a deal gets done.
