Houlihan Lokey Advises B2C2

Houlihan Lokey is pleased to announce that B2C2 has been acquired by SBI Holdings. The transaction was signed and closed on 15 December 2020.

Founded in 2015, B2C2 is the leading digital asset trading group with a world-class team drawn from global investment banks and buyside firms. Headquartered in the UK, with offices in London, Tokyo, and Jersey City, B2C2 is trusted by banks, brokerages, exchanges, and fund managers globally to provide 24/7 liquidity. B2C2 bridges the gap between traditional financial and cryptocurrency markets. Continuously innovative, B2C2 launched the first crypto-native single-dealer platform in 2016 and was the first foreign dealer to succeed in the Japanese market. In 2019, the firm launched the first OTC streaming price feed and was the first crypto company in the EU to secure a MiFID investment firm licence. B2C2 OTC Ltd. is authorised and regulated by the UK’s Financial Conduct Authority.

SBI Holdings, Inc., was established in 1999 as a pioneer of internet-based financial services. The company provides financial services in a wide range of categories, including securities, banking, and insurance, and has formed the world’s first internet-based financial conglomerate. SBI, owner of Japan’s first digital bank and largest online brokerage, is listed on the Tokyo Stock Exchange and is a member of the TOPIX stock index.

The combination positions SBI at the centre of the cryptocurrency markets, becoming the natural entry point for financial institutions seeking a bank counterparty to trade digital assets. B2C2’s brand, talent, technical expertise, and trading capabilities enable SBI to open a principal dealing desk in a world first. B2C2 became SBI’s main liquidity provider as SBI expands its crypto offering to millions of existing customers. The integration of B2C2’s state-of-the-art market-making systems with SBI’s new digital exchange has resulted in a tenfold increase in daily volumes.

Houlihan Lokey served as the exclusive financial advisor to B2C2 and assisted in initiating, structuring, and negotiating the transaction on its behalf. This transaction highlights Houlihan Lokey's capabilities and dedicated sector expertise within the fast-growing digital asset industry.