Crypto market maker B2C2, mostly owned by Japan's SBI Holdings, has been in discussions with several potential buyers over the last 18 months.
Sources close to the matter reveal that valuation remains the major hurdle during these talks.
The London-based firm reportedly aims for a price north of $1 billion, a figure that some insiders doubt can be met given the current state of crypto markets.
Conversations cover the potential sale of either the entire company or just a portion, yet it’s unclear if negotiations are still active.
B2C2 did not comment, while SBI Holdings has not responded to requests.
Since its 2015 inception, B2C2 has provided liquidity and market-making services to a range of institutional clients including banks, hedge funds, and exchanges.
The firm operates around the clock, using proprietary technology to support spot, derivatives, structured products, and over-the-counter trading.
This year, crypto markets have struggled due to weaker trading volumes and growing economic uncertainty, making it tougher for market makers dependent on trading flows.
Profit margins have come under pressure as spot volumes remain low.
Mergers and acquisitions continue to shape the digital asset sector in 2026, with players seeking to scale and broaden services amid shifting market dynamics.
Exchanges and market makers alike pursue deals to build more integrated platforms, matching increased institutional demand for digital asset exposure.
