B2C2, a subsidiary of SBI, seeks over $1 billion sale
SBI Holdings' 90%-owned crypto market maker B2C2 has been in talks with multiple potential buyers for the past 18 months regarding a sale. Negotiations have been affected by valuation discrepancies, with B2C2 seeking a transaction price exceeding $1 billion, which is difficult to achieve in the current market environment. The negotiations are event-driven, signaling equity liquidity for market makers, with funds focusing on crypto liquidity infrastructure, benefiting potential acquirers while pressuring high valuation expectations. Source: Public information
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B2C2 was established in 2015 and was acquired by SBI in 2020 with a 90% stake, focusing on providing spot, derivatives, and OTC deep liquidity for institutions. On the capital path, SBI aims to achieve investment returns through a potential partial or full exit, shifting resources from holding to possible diversified equity, motivated by locking in gains at the peak of the crypto cycle. Similar cases can be seen with other institutional market makers trading equity amid market volatility, currently in a transformation phase of crypto infrastructure consolidation and valuation reassessment. Essentially, this involves capital concentration, with the mechanism being the gap between high valuation expectations and actual market liquidity, leading to delays or structural changes in transactions. ABAB News · Cognitive Law 1. Valuation discrepancies are the most common reason for transaction failures 2. The value of market makers ultimately depends on market depth 3. Major shareholders often choose to exit at cyclical peaks.