London-based crypto market maker B2C2 is reportedly preparing to raise up to $200 million from outside investors, a move that would help fuel its expansion while also enabling SBI Holdings to dilute its 90% ownership stake.
The capital raise reflects B2C2’s ambition to strengthen its competitive edge amid growing institutional adoption and increased demand for regulated digital asset services. It also comes as crypto venture capital investment surges, signaling renewed confidence in the digital asset space.
SBI Financial Services, a subsidiary of the Japanese investment giant, initially acquired a controlling stake in B2C2 in December 2020 following an earlier $30 million investment. Since then, the company has expanded operations across Europe, the U.S., and Asia-Pacific, operating under FCA regulation in the UK.
Strategic moves signal B2C2’s global intentions
In its May earnings report, SBI Holdings attributed B2C2’s growth in part to the renewed energy in crypto markets following the re-election campaign of former President Donald Trump, a narrative that has coincided with broader market recovery.
B2C2 has continued to scale its operations across regulated jurisdictions. In February 2024, the firm secured registration as a Virtual Asset Service Provider (VASP) with Luxembourg’s financial regulator (CSSF) becoming the 12th firm listed on the public VASP register. This came just ahead of the European Union’s updated MiCA regulations, which are tightening oversight of digital asset providers across the bloc.
The firm also expanded its European footprint with the acquisition of Paris-based competitor Woorton in 2023. These moves have positioned B2C2 to better serve institutional clients amid rising demand for liquidity, execution services, and market access.
While earlier reports suggested SBI Holdings was exploring a partial sale of its stake in B2C2 valued at around $100 million, the company denied the claims at the time. However, the upcoming raise appears to confirm a shift in strategy toward external investor participation and ownership diversification.
Capital raise follows resurgence in crypto VC deals
B2C2’s funding plans come as crypto venture capital activity rebounds sharply. In Q2 2025, companies in the sector raised $10.03 billion, the highest quarterly total since Q1 2022. June alone brought in $5.14 billion, highlighting a return of investor confidence after prolonged market stagnation.
Major raises during the quarter included Strive Funds’ $750 million Bitcoin-focused fund, TwentyOneCapital’s $585 million round in April, and follow-on investments in projects such as Securitize, Kalshi, Auradine, ZenMEV, and Digital Asset.
Coinbase Ventures led with 25 investments, followed by firms like Pantera Capital, Animoca Brands, Andreessen Horowitz, and Galaxy Digital. The majority of activity focused on infrastructure and DeFi, with moderate interest in CeFi, NFTs, and GameFi.
Seed-stage deals dominated the quarter, reflecting robust early-stage enthusiasm, while strategic rounds and M&A activity also showed signs of acceleration.
As B2C2 moves forward with its capital raise, it joins a growing list of companies leveraging this market momentum to fuel expansion, attract institutional clients, and position themselves for long-term relevance in a maturing crypto economy.