Crypto market maker B2C2 is reportedly seeking to raise $200 million from external investors. The fundraising effort may also enable SBI Holdings, which owns a 90% stake in B2C2, to reduce its position in the company.
As per insider reports, a portion of the funding would allow Tokyo-based SBI Holdings to sell part of its stake. However, the matter remains confidential, and B2C2 declined to comment. SBI Holdings has also not responded to requests for comment.
SBI initially invested $30 million in B2C2 in July 2020 and acquired a majority 90% stake later that December through its subsidiary, SBI Financial Services. The investment firm has been closely linked with B2C2’s growth, which it highlighted in its May earnings report. It attributed some of the momentum to market enthusiasm following the U.S. President Donald Trump’s inauguration.
In April, Bloomberg reported that SBI was considering selling a portion of its B2C2 holding in a potential deal valued at $100 million. Although a spokesperson for the company publicly denied any such plans at the time.
In April, B2C2 had moved its 6,540 ETH (around $10.67 million at the time) to different crypto exchanges, which included Binance and Coinbase Wallets.
Headquartered in London, B2C2 is regulated by the Financial Conduct Authority (FCA) and maintains offices in the U.S. and Japan. With this potential raise, B2C2 seems to be positioning itself for future expansion while giving SBI the chance to rebalance its long-standing reputation.
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