Crypto markets have struggled for most of the year as weaker trading volumes, worries about the economy and waning risk appetite weighed on digital assets. The tougher backdrop has hurt market makers, whose income is largely dependent on trade flows and the provision of liquidity. With subdued spot trading volumes, companies across the sector have been under pressure on profitability.
Mergers and acquisitions are expected to remain a defining theme in 2026 as digital asset firms consolidate to achieve scale, expand product offerings and meet growing institutional demand, according to industry analysts.
Exchanges, market makers, custodians and financial technology providers are looking to acquire complementary companies to build integrated digital asset platforms, reflecting the maturation of the crypto ecosystem into 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 firm.
B2C2’s financial results are not disclosed separately. They are reported as part of SBI’s broader crypto-assets business segment. For the fiscal year ended March 31, that segment generated ¥89.6 billion ($550 million) in revenue, up 10.9% from a year earlier, while pretax profit was flat at ¥21.2 billion.
SBI Holdings said last month it had agreed to buy cryptocurrency exchange Bitbank for about $289 million.
