Crypto market maker B2C2, majority owned by Japan's SBI Holdings, has engaged in sale discussions with several prospective buyers over the past 18 months, though disagreements over valuation have kept any deal from materializing.
A Sought-After Trading Firm
B2C2 has emerged as an attractive target for acquirers looking to expand their footprint in the digital-asset trading business. As one of the more established market makers in the sector, the firm provides liquidity across a range of cryptocurrencies and has built relationships with institutional clients seeking reliable trading counterparties.
Multiple suitors are reported to have approached the company during the extended talks, signaling continued appetite among larger players to scoop up specialized crypto infrastructure businesses. The interest reflects a broader trend of consolidation as firms position themselves for the next phase of institutional adoption.
Valuation, not appetite, has been the obstacle standing between B2C2 and a potential deal.
Valuation Stands in the Way
Despite the interest, price expectations appear to have been the central sticking point preventing a transaction from closing. Bridging the gap between what sellers believe the business is worth and what buyers are prepared to pay has proven difficult in a market where crypto valuations can swing sharply.
SBI Holdings acquired its majority stake in B2C2 several years ago, betting on the growth of institutional crypto trading. Any sale would mark a notable exit or restructuring for the Japanese financial group's digital-asset ambitions.
Key points from the reported discussions include:
- Talks reportedly spanned roughly 18 months
- Several potential buyers expressed interest
- Disagreement over price blocked a deal
For now, B2C2 remains under SBI's control, and it is unclear whether renewed negotiations could eventually produce an agreement that satisfies both sides on price.