B2C2 Seeks $200M to Expand Crypto Market-Making and Reduce SBI’s 90% Ownership

• London market maker targets external funding, allowing SBI to reduce its 90% ownership.
• SBI acquired majority control in December 2020 following an initial July investment.
• New UK regulatory framework requires FCA authorization for all crypto firms.

London-based crypto market maker B2C2 is seeking external capital of up to $200 million to allow existing majority owner SBI Holdings to reduce its 90% stake. People familiar with the fundraising effort say the capital will be used to diversify the ownership structure and fund business growth.

SBI Financial Services, owned by Tokyo-based SBI Holdings, acquired a 90% stake in December 2020, following its initial investment in July of that year for $30 million. The Japanese financial group maintained majority ownership as B2C2 expanded as a regulated crypto trading specialist.

Regulatory Developments Drive Operational Requirements

SBI Holdings highlighted B2C2’s performance in its May 2025 full-year results, crediting the “crypto asset market revitalized by President Trump’s inauguration” for boosting the UK-based market maker’s growth trajectory.

Bloomberg reported in April that SBI was considering selling…

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