Crypto markets have struggled for much of the year as weak trading volumes, concerns about the economy and diminishing risk appetite weighed on digital assets. The more difficult environment has hurt market makers, whose income depends largely on trade flows and the provision of liquidity. With subdued spot trading volumes, companies in the sector have faced pressure on their profitability.
According to industry analysts, mergers and acquisitions are expected to remain a defining theme in 2026, as digital asset companies consolidate to achieve scale, expand their product offerings and meet growing institutional demand.
Exchanges, market makers, clients and fintech providers are looking to acquire complementary businesses to create integrated digital asset platforms, reflecting the maturation of the crypto ecosystem towards a more institutional and regulated market.
SBI Financial Services, a subsidiary of SBI Holdings, acquired a 90% stake in B2C2 in December 2020, months after investing $30 million in the company.
B2C2’s financial results are not disclosed separately. They are presented as part of SBI’s broader cryptoassets business segment. For the fiscal year ended March 31, the segment generated revenue of 89.6 billion yen ($550 million), up 10.9 percent from a year earlier, while pre-tax profit remained unchanged at 21.2 billion yen.
SBI Holdings announced last month that it had agreed to buy cryptocurrency exchange Bitbank for approximately $289 million.
