SBI Holdings, the Japanese financial giant, is exploring options for its majority stake in B2C2, a London-based cryptocurrency exchange platform. The discussions around a potential sale have been ongoing for the past 18 months with several interested buyers.
Market-Making Firms Evolving into Core Crypto Infrastructure
SBI acquired a 90% stake in B2C2 back in 2020. The firm supplies over-the-counter and electronic liquidity for spot, derivatives, and stablecoin markets to institutions, exchanges, and asset managers. Despite talks with various potential buyers, no deals have been finalized yet.
Market makers like B2C2 are shifting from just trading desks to becoming part of the essential market infrastructure. This trend reflects a maturing institutional landscape within crypto, especially as firms integrate regulatory compliance and established banking relationships assets that gained significance post-FTX collapse.
The sale could impact market liquidity and stability. Changes in ownership might cause wider spreads, execution delays, or increase counterparty risks for institutional clients.
SBI’s move comes amid broader regulatory tightening across jurisdictions to improve liquidity standards and market trust. In recent years, liquidity providers including B2C2, Alameda Research, Genesis, and Wintermute have adapted to increased oversight following the fallout of major DeFi and centralized exchange failures.
