B2C2, a major player in institutional crypto market making, is currently in talks with several potential buyers as it seeks to raise up to $200 million in new capital. This move could significantly dilute the nearly 90% ownership stake held by Japanese financial giant SBI Holdings.
The London-based firm, which has processed over $2 trillion in trades since 2015, has quietly become a key part of the digital asset market infrastructure. Its potential ownership shakeup comes after months of speculation. Back in April 2025, Bloomberg reported SBI was considering selling a minority stake in B2C2 for about $100 million, a claim SBI then denied.
SBI initially took a $30 million minority stake in mid-2020 and rapidly increased its holding to approximately 90% by the end of the same year. This planned capital raise contrasts with SBI's previous firm denials, suggesting a strategic shift is underway.
Global Reach and Regulatory Milestones
B2C2 operates worldwide with offices in the US, Japan, Singapore, France, and Luxembourg. In October 2025, it launched PENNY, a platform offering instant, zero-fee stablecoin swaps, further cementing its role in the stability of crypto markets.
In May 2026, B2C2 Europe became the first OTC liquidity provider globally to gain MiCA CASP authorization from Luxembourg’s CSSF, aligning itself with the EU’s strict regulatory framework.
Competitors such as Cumberland, Galaxy Digital’s trading desk, and Wintermute are closely monitoring these developments, which could reshape market dynamics.
