B2C2, the cryptocurrency market maker 90% owned by Japan's SBI Holdings, has held takeover discussions with several potential acquirers over the past 18 months, according to five people familiar with the matter.

The London-based crypto trading firm is said to have drawn interest from multiple suitors, but valuation has been a major obstacle, two of the people said. The people spoke on condition of anonymity because the discussions are private.

B2C2 has been seeking a valuation of more than $1 billion, one person said, adding that completing a transaction at that level would be difficult in the current crypto-market environment. The talks have focused on the possible sale of part or all of the company, though it is not clear whether any discussions 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. Its clients include banks, exchanges, brokers, hedge funds and asset managers seeking to trade digital assets. The company uses proprietary trading technology to provide liquidity and 24/7 execution across spot, derivatives, structured products and over-the-counter, or OTC, markets.

The reported discussions come as digital asset companies pursue acquisitions to expand institutional services and gain scale in a maturing market. Industry analysts expect mergers and acquisitions to remain a defining theme in 2026 as crypto firms consolidate, broaden their product offerings and respond to growing institutional demand.

Exchanges, market makers, custodians and financial technology providers have been looking to buy complementary businesses as they build integrated digital asset platforms. That activity reflects the broader development of the crypto ecosystem into a more institutional and regulated market. Independent market makers also face increasing competitive pressure from larger, better-capitalized trading firms and traditional financial institutions that have expanded into digital assets, which has compressed spreads and raised the cost of staying competitive.

The operating environment has been more difficult for market makers this year. Crypto markets have been pressured by weaker trading volumes, concerns about the economy and reduced risk appetite, weighing on digital assets. Market makers rely heavily on trading flows and liquidity provision for revenue, and subdued spot trading volumes have put pressure on profitability across the sector.

SBI Financial Services, a subsidiary of SBI Holdings, acquired a 90% stake in B2C2 in December 2020, months after investing $30 million in the company. SBI Holdings, one of Japan's largest online financial services groups, has been among the most aggressive traditional financial institutions globally in building a digital asset business, with holdings spanning crypto exchanges, a regulated stablecoin venture, a planned digital asset exchange in Osaka, and a tokenized securities platform.

B2C2's financial results are not reported separately. They are included in SBI's broader crypto-asset business segment. For the fiscal year ended March 31, that segment generated 89.6 billion yen, or about $550 million, in revenue, up 10.9% from a year earlier. Profit before tax was unchanged at 21.2 billion yen.

SBI Holdings said last month that it had agreed to acquire cryptocurrency exchange Bitbank for around $289 million.

Last year, B2C2 explored raising as much as $200 million from outside investors. That fundraising would have allowed SBI to reduce its stake while giving the London-based firm additional growth capital.