Summary
- B2C2, the crypto market maker 90% owned by SBI Holdings, has held takeover talks with several potential acquirers over the past 18 months, according to sources
- The discussions have been hindered by valuation. B2C2 is said to be seeking a price of more than $1 billion, which one source said would be difficult to achieve in the current crypto market.
- The reported talks come amid a wave of consolidation across the digital asset industry, as firms pursue acquisitions to expand institutional offerings and scale in a maturing market.
B2C2, the crypto market maker 90% owned by Japan's SBI Holdings, has held takeover talks with several potential acquirers over the past 18 months, according to five people with knowledge of the matter.
Valuation has been a sticking point in the discussions, said two of the people, who spoke on condition of anonymity because the matter is private.
TheLondon-based firm is said to be looking for a valuation in excess of $1 billion one person said, adding that such a deal would be difficult to pull off given the current crypto-market environment.
Discussions have centered on the sale of part or all of the company, though it is unclear whether any talks remain active.
A B2C2 spokesperson declined to comment. SBI did not respond to a request for comment by publication time.
Founded in 2015,B2C2 is an institutional cryptocurrency market maker and liquidity provider that enables banks, exchanges, brokers, hedge funds and asset managers to trade digital assets efficiently. The firm uses proprietary trading technology to provide deep liquidity and 24/7 execution across spot, derivatives, structured products and over-the-counter (OTC) markets.