B2C2 holds sale talks with multiple potential buyers as SBI eyes ownership shakeup

B2C2, one of the largest institutional crypto market makers on the planet, is in active discussions with multiple potential buyers. The talks signal a potential reshuffling of ownership at a firm that has quietly become one of the most important pieces of plumbing in digital asset markets.

The London-headquartered company, which has facilitated over $2 trillion in cumulative trading volume since its founding in 2015, is exploring a capital raise of up to $200 million. That fundraise could meaningfully reduce the roughly 90% ownership stake held by Japanese financial conglomerate SBI Holdings.

From denial to deal table

The ownership saga has been simmering for months. Bloomberg reported back in April 2025 that SBI was weighing a sale of a minority stake in B2C2 valued at around $100 million. SBI’s response at the time was a flat denial of any intention to sell.

SBI Financial Services picked up a $30 million minority stake in July 2020, then escalated to approximately 90% ownership by December of that same year.

Why B2C2 matters more than you think

The company operates globally from its UK base, with offices spanning the US, Japan, Singapore, France, and Luxembourg.

B2C2 launched a platform called PENNY in October 2025, designed to offer instant stablecoin swaps with zero fees.

B2C2 Europe secured MiCA CASP authorization from Luxembourg’s CSSF in May 2026, making it the first global OTC liquidity provider to achieve compliance under the EU’s comprehensive crypto regulatory framework.

What this means for the market

Competitors like Cumberland, Galaxy Digital’s trading desk, and Wintermute will be watching these developments closely.

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