B2C2 Eyes Capital Raise, Potentially Reducing SBI Holdings' Ownership Stake

B2C2, one of the largest institutional crypto market makers globally, is exploring a capital raise of up to $200 million. This potential fundraise could significantly reduce SBI Holdings' roughly 90% ownership stake in the firm.

The London-headquartered company has facilitated over $2 trillion in cumulative trading volume since its founding in 2015 and operates globally from its UK base, with offices spanning the US, Japan, Singapore, France, and Luxembourg.

B2C2's talks with multiple potential buyers signal a potential reshuffling of ownership at a firm that has quietly become one of the most important pieces of plumbing in digital asset markets. The company's exploration of a capital raise comes after SBI Financial Services picked up a $30 million minority stake in July 2020, then escalated to approximately 90% ownership by December of that same year.