B2C2
Institutional crypto market maker and OTC liquidity provider, majority owned by SBI Group.
On the record
Checkpoint: One-year mark for PENNY to show attributable revenue after its zero-fee launch
The call
B2C2 holds a top-2 crypto market-making position with SBI's backing, but faces bigger, better-funded rivals and an unproven path to standalone profitability.
B2C2 makes money by trading cryptocurrencies for big investors, buying and selling between them and pocketing small price differences. The business is getting harder because Wall Street firms like Jane Street and Citadel Securities, which already dominate regular stock trading, are now moving into crypto and can undercut B2C2 on price because they have more money to risk. The real question is whether SBI Group's financial support and B2C2's early regulatory approval in Europe will be enough to survive the next 12 to 18 months, or whether SBI will reduce its stake and leave B2C2 to fend for itself against better-funded rivals.
Why
01
AI pressure: AI-enhanced quant trading firms entering crypto (Jump Trading, Jane Street algos). Faster AI-driven pricing models could compress the spread capture that funds B2C2's OTC and market-making revenue. Could AI do the core job? Only partly.
02
Bigger players: Jane Street, Citadel Securities, Virtu Financial expanding into crypto OTC and market making. Better capitalized TradFi market makers are entering crypto OTC, threatening B2C2's top-2 volume position. Could a giant copy it? Yes, easily.
03
What protects it. SBI Group's balance sheet, early MiCA and VASP licenses, and 1,500 institutional client relationships.
What would change this call
Jane Street or Citadel Securities publicly reported as top-2 crypto OTC market maker within 12-18 months. Would show B2C2 losing its top-2 institutional position to TradFi entrants.
Resolution of SBI's reported $200M external raise and stake restructuring. Would clarify whether SBI is reducing exposure or fully integrating, affecting equity value.
PENNY stablecoin swap product shows attributable revenue or stays zero-fee with no monetization by late 2026. Would show whether PENNY becomes a real revenue line or remains a loss-leading volume driver.
Resolution of SBI's reported $200M external raise and stake restructuring. Would clarify whether SBI is reducing exposure or fully integrating, affecting equity value.
PENNY stablecoin swap product shows attributable revenue or stays zero-fee with no monetization by late 2026. Would show whether PENNY becomes a real revenue line or remains a loss-leading volume driver.
Key numbers
- $2 trillion cumulative trading volume since 2015
- ~1,500 institutional clients onboarded
- $1 billion daily stablecoin volume via PENNY
Named risks
- SBI ownership restructuring unresolved; conflicting reports of stake reduction vs full integration.
- PENNY is zero-fee with no disclosed revenue attribution one year after October 2025 launch.
- Core spread-capture business faces margin compression from better-capitalized algorithmic entrants.
- DeFi capturing roughly 25% of perpetuals trading per CEO, shifting volume away from CeFi market makers.
- No verified current headcount or GAAP financials; opacity limits external assessment.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Jane Street | contesting | TradFi market maker actively entering institutional crypto OTC as of 2026-06-23 |
| Citadel Securities | contesting | Invested $400 million in Crypto.com at $20 billion valuation, reported 2026-07-16 |
| Virtu Financial | contesting | Named among TradFi incumbents adjacent to crypto OTC as of 2026-06-23 |
| Wintermute | contesting | Co-named with B2C2 as top-2 largest crypto market maker in April 2025 Robinhood SEC filing |
| Jump Trading | contesting | Named peer with heavily automated market-making stack as of December 2025 |
| Coinbase Prime, Kraken OTC, FalconX | gaining on | Exchange in-house OTC desks building competing liquidity infrastructure as of 2026-06-23 |
Questions people ask
- Is B2C2 profitable and financially stable in 2026?
- B2C2 does not publish GAAP financials as a private, SBI Group-owned firm. It reports (per its own statements) roughly $2 trillion in cumulative trading volume since 2015 and about $1 billion in daily stablecoin volume as of October 2025, suggesting substantial scale, though profitability is unverified.
- Who owns B2C2?
- SBI Financial Services, part of Japan's SBI Group, acquired a 90% majority stake in B2C2 in December 2020 after an initial minority investment in July 2020. Mid-2025 reports said B2C2 sought up to $200 million externally partly to let SBI reduce that stake, but final terms remain unconfirmed.
- Is B2C2 a safe company to join in 2026?
- B2C2 holds top-2 institutional crypto market maker status per an April 2025 Robinhood SEC filing, SBI Group backing, and first-mover MiCA/CASP authorization from Luxembourg's CSSF on May 13, 2026, but unresolved ownership restructuring and margin compression from rivals add uncertainty.
- Could AI replace B2C2's market making business?
- B2C2's core spread-capture trading is already algorithmic, and no frontier AI lab has shipped a competing autonomous market-making product as of mid-2026. However, AI-driven automation among rivals like Jump Trading and Wintermute continues compressing spread margins over time.
- Who is B2C2's biggest competitor?
- B2C2 is named alongside Wintermute as one of the two largest crypto market makers in an April 2025 Robinhood SEC filing. Other peers include Cumberland, GSR, and Jump Trading, while TradFi giants like Jane Street, Citadel Securities, and Virtu Financial are entering crypto OTC as of 2026.
- What is B2C2's PENNY product and is it making money?
- PENNY, launched October 23, 2025, is a zero-fee, instant on-chain stablecoin swap product supporting six stablecoins across four blockchains. B2C2 reported about $1 billion in daily stablecoin volume through it as of late October 2025, but as a zero-fee product its direct revenue model remains unproven.
Timeline
- 2026-06-22B2C2 Americas CEO states roughly 1,500 institutional clients onboarded globally
- 2026-05-15B2C2 becomes first global OTC liquidity provider authorized under MiCA/CASP by Luxembourg CSSF
- 2025-12-29B2C2 says it doubled institutional finance footprint in 2025; CEO cites DeFi at 25% of perpetuals trading
- 2025-10-23B2C2 launches PENNY, a zero-fee instant stablecoin swap product
- 2025-09-02B2C2 becomes primary liquidity provider for SBI Securities' first crypto CFD launch
- 2025-07-17Reports say B2C2 seeks up to $200 million raise, partly to reduce SBI's 90% stake
- 2025-05-01Robinhood SEC filing names B2C2 and Wintermute as largest crypto market makers
- 2024-05-01B2C2 expands operations to Singapore
- 2024-02-07B2C2 obtains Luxembourg VASP registration
- 2020-12-15SBI Financial Services acquires 90% majority stake in B2C2
Revision history
21 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Robinhood lists B2C2 and Wintermute as largest crypto market makers in latest SEC filing (2025-05-01)
- B2C2 Becomes First Global OTC Liquidity Provider Authorised Under MiCA (2026-05-15)
- Japanese powerhouse SBI becomes world's first financial conglomerate to open cryptocurrency dealing desk by ac (2020-12-15)
- B2C2 Launches Instant, Zero-Fee Stablecoin Swaps (2025-10-24)
- B2C2 Launches PENNY For Instant, Zero-Fee Stablecoin Swaps (2025-10-23)
- Inside the $1B-a-Day Stablecoin Market Maker for 1,500 Institutions (2026-06-22)
- B2C2 Launches PENNY for Instant, Zero-fee Stablecoin Swaps (2025-10-23)
- B2C2 Acquires Luxembourg VASP Registration (2024-02-07)
- B2C2 underpins the first-ever crypto product launch for SBI Securities (2025-09-02)
- B2C2 in 2025: Institutions Arrive, Markets Divide (2025-12-29)
- Crypto Market Maker B2C2 Plans to Raise Up to $200 Million from External Investors (2025-07-17)
- 2026 Company Overview, Milestones & Team (2026-01-01)