SBI Holdings, a Japanese financial services giant, has refuted claims that it is considering selling a minority stake in its cryptocurrency trading unit, B2C2.
Bloomberg Law initially reported the potential sale, citing unnamed sources familiar with the matter.
Established in 2015, B2C2 has emerged as a leading liquidity provider in the cryptocurrency market, offering services to institutional clients such as banks, brokerages, and fund managers. In December 2020, SBI Financial Services acquired B2C2, marking a significant step as the first major financial conglomerate to operate a cryptocurrency dealing desk.
B2C2 offers 24/7 trading in major cryptocurrencies and other digital assets. The firm caters to institutional clients, providing execution services and access to a deep liquidity pool.
The initial report of a potential stake sale raised questions about SBI’s long-term strategy for its digital asset business. SBI has been actively involved in the crypto space, with investments in crypto exchanges, blockchain technology, and other related ventures.
In July 2020, Cointelegraph reported that SBI invested $30 million in B2C2 to form a strategic partnership to enhance SBI’s cryptocurrency offerings and leverage B2C2’s expertise in digital asset trading. This investment was made before SBI’s complete acquisition of B2C2.
While the reasons behind the rumoured stake sale remain unclear, it’s speculated that SBI may seek to diversify its investments or bring in additional expertise to develop B2C2’s capabilities further. However, with the denial from SBI, the company’s plans for B2C2 remain unchanged. The two companies will continue to work together.
Notably, Japan’s Financial Services Agency (FSA) is reevaluating its regulatory framework for cryptocurrencies, which it views as financial products similar to securities. The agency plans to seek expert input and outline its policy direction by June. Additionally, it anticipates receiving input from the Financial System Council during its fall meeting. The timeline remains uncertain, while a legal amendment could be introduced in 2026.
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