Crypto markets have struggled for much of the year as weaker trading volumes, concerns about the economy and fading risk appetite weighed on digital assets. The more complicated context has hurt market makers, whose income depends largely on trade flows and the provision of liquidity. With spot trading volumes weak, companies across the sector have faced pressure on profitability.
Mergers and acquisitions are expected to remain a defining theme in 2026 as digital asset companies consolidate to achieve scale, expand product offerings and meet growing institutional demand, according to industry analysts.
Exchanges, market makers, custodians and fintech providers are looking to acquire complementary businesses to build 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 financial results are not disclosed separately. They are reported to be part of SBI’s broader cryptoasset trading segment. For the fiscal year ending March 31, that segment generated 89.6 billion yen ($550 million) in revenue, up 10.9% from a year earlier, while pretax profit was unchanged at 21.2 billion yen.
SBI Holdings said last month it had agreed to buy cryptocurrency exchange Bitbank for around $289 million.
