SBI-owned market maker B2C2 explored sale talks with multiple buyers over 18 months but stalled on valuation disagreements around a $1B ask.
VC & Fundraising ·
B2C2, a crypto market maker owned by SBI, engaged in sale discussions with multiple potential buyers over an 18-month period, though negotiations faltered over valuation disagreements centered on a $1 billion asking price. The discussions appear to have involved comparisons to precedent transactions, with one reference noting Ripple's $1.25 billion acquisition of Hidden Road as a benchmark for B2C2's valuation.
The valuation gap reflects differing assessments of B2C2's growth trajectory and market position. According to available commentary, B2C2's business grew threefold by October 2025, which supporters cited as justification for the $1 billion ask. However, prospective buyers apparently valued the operation differently, preventing closure across multiple rounds of talks.
The current status of sale negotiations remains unclear. It is not known whether discussions are ongoing, dormant, or definitively concluded, nor which specific parties were involved in the talks or why valuations could not be bridged.