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 a partial shareholding in a deal potentially worth $100 million, though SBI Holdings spokesperson denied divestiture plans at the time. Current fundraising discussions indicate a changing corporate strategy around the cryptocurrency market making investment.
B2C2 is a company regulated by the FCA and has offices in London, the United States, and Japan. Its regulation is advantageous because more institutional investors prefer to deal with licensed counterparts.
UK Implements Sweeping Regulatory Mandates
The UK’s Financial Services and Markets Act 2000 (Cryptoassets) Order 2025 has introduced new rules for digital assets, subjecting them to the same regulations as other financial instruments. The reforms require approval procedures akin to those used for traditional securities markets.
Non-UK companies dealing with UK consumers must be authorized in the UK under the new regime, and FCA registration is required for cryptocurrency companies in the jurisdiction. The regulatory certainty makes institutional adoption possible and puts compliance burdens on market participants.
A phased implementation will take place, with firms applying for authorization by late 2025 and achieving complete compliance by mid-2026. This allows for time to make adjustments and provides clear guidance to crypto-dealing businesses.
B2C2’s current FCA regulation enables the company to maintain compliance with new rules as its rivals become authorized. This regulatory benefit makes the company more valuable when negotiating fundraising with investors seeking to access the market legally.
Related: Standard Chartered Rolls Out Bitcoin and Ether Spot Trading for Institutional Clients
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