Crypto market maker B2C2 explored sale talks with multiple potential buyers

Crypto markets have struggled for much of the year as weaker trading volumes, concerns over the economy and fading risk appetite weighed on digital assets. The tougher backdrop has hurt market makers, whose revenues depend largely on trading flows and providing liquidity. With spot trading volumes subdued, firms across the sector have faced 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 growing institutional demand, according to industry analysts.

Exchanges, market makers, custodians and financial technology providers are looking to acquire complementary businesses to build integrated digital asset platforms, reflecting the maturation of the crypto ecosystem into a more institutional and regulated market.

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, while 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.