SBI Holdings, the Japanese financial services group, is reportedly exploring several strategic options for B2C2, the London-headquartered cryptocurrency market maker in which it holds majority control.

According to a report by @willcanny99, SBI has discussed a potential sale of B2C2 with multiple prospective bidders over the past eighteen months. No transaction has been confirmed. The discussions point to a broader shift in the role of institutional crypto market makers, which are increasingly viewed as core market infrastructure rather than only trading desks. They also come amid a wave of consolidation among crypto-native firms, as exchanges, banks, and asset managers compete to own the plumbing behind digital-asset trading rather than simply relying on it.

Market Makers Move Toward Infrastructure

SBI Holdings acquired a 90% stake in B2C2 in 2020. Founded in 2015 by former Goldman Sachs trader Max Boonen, B2C2 grew into one of the most prominent OTC liquidity providers in digital assets, facilitating large block trades for institutions seeking minimal market impact. The firm provides over-the-counter and electronic liquidity across spot, derivatives, and stablecoin markets for institutions, exchanges, and asset managers.

Source: SBI

B2C2's position in institutional liquidity has made it part of the infrastructure used by trading venues and professional market participants. Market-making firms help support price discovery and execution across centralized exchanges and DeFi platforms by supplying liquidity to buyers and sellers.

The reported talks also come as ownership of crypto infrastructure assets receives closer scrutiny from institutions. A change in ownership at a major liquidity provider could affect clients through wider spreads, execution challenges, or increased counterparty-risk considerations, particularly for institutional and fund customers. For trading venues that rely on B2C2 for depth in less liquid pairs, a transition period during any ownership change could create short-term friction in order books.

For SBI Holdings, a full sale or partial withdrawal from B2C2 would mark a significant change in a crypto strategy that has also included SBI VC Trade and partnerships involving Ripple. SBI was among the first major Japanese financial groups to build an integrated digital-asset business, and divesting B2C2 could signal whether the firm intends to double down on its domestic crypto operations or step back from global institutional market-making.

B2C2 reportedly held sale talks with multiple potential buyers. To me, that's another sign of how much institutional crypto infrastructure has matured. Market makers aren't just trading firms anymore—they're becoming some of the most valuable pieces of the digital asset… pic.twitter.com/Ogr8fWqHL6 — MANDO CT 🇮🇪 🇦🇪 🇬🇧 (@XMaximist) July 24, 2026

B2C2 reportedly held sale talks with multiple potential buyers. To me, that's another sign of how much institutional crypto infrastructure has matured. Market makers aren't just trading firms anymore—they're becoming some of the most valuable pieces of the digital asset… pic.twitter.com/Ogr8fWqHL6

https://x.com/XMaximist/status/2080639980435607887?ref_src=twsrc%5Etfw

Ownership and Regulatory Considerations

For any acquiring firm, B2C2's status as a regulated entity and its established banking channels would be key assets for clients. Those factors have become especially important since the collapse of FTX, as market participants have placed greater emphasis on trust, compliance, and regulatory oversight. Potential acquirers would also need to navigate the UK's financial regulatory framework, under which B2C2 operates, adding a compliance dimension to any deal evaluation.

From Crisis to Regulation

In mid-2022, as stress began to spread through DeFi, several liquidity providers expanded or maintained crypto services through centralized exchanges and DeFi venues. Liquidity providers operating in that period included B2C2, Fidello, Alameda Research, Genesis, and Wintermute. The subsequent collapse of several of those firms—including Alameda Research and the bankruptcy of Genesis's lending arm—reshaped the competitive landscape, leaving surviving market makers with larger market shares and greater strategic value.

Regulators in multiple jurisdictions later tightened oversight of crypto liquidity and market-making activity, pushing market makers to raise compliance and operational standards. Liquidity providers also suffered significant losses in some DeFi projects. The collapse of FTX further intensified concerns around counterparties, transparency, and the resilience of market infrastructure. Against that backdrop, firms with clean regulatory records and uninterrupted operations—B2C2 among them—have attracted renewed interest from institutions seeking reliable liquidity partners.