In this paper we address the approximate minimization problem of Markov Chains (MCs) from a behavioral metric-based perspective. Specifically, given a finite MC and a positive integer k, we are looking for an MC with at most k states having minimal distance to the original. The metric considered in this work is the bisimilarity distance of Desharnais et al.. For this metric we show that (1) optimal approximations always exist; (2) the problem has a bilinear program characterization; and (3) prove that its threshold problem is in PSPACE and NP-hard.In addition to the bilinear program solution, we present an approach inspired by expectation maximization techniques for computing suboptimal solutions to the problem. Experiments suggest that our method gives a practical approach that outperforms the bilinear program implementation run on state-of-the-art bilinear solvers. 1 1 Figure 1: An MC M (left) with initial state m 0 ; generic 5-states approximant of M aggregating m 1 and m 2 (for x, y ∈ [0, 1] such that x + y ≤ 1) (middle); an optimal 5-states approximant of M (right). Labels are represented by different colors.related to it. 1. We characterize CBA as a bilinear optimization problem, proving the existence of optimal solutions. As a consequence of this result, approximations of optimal solutions can be obtained by checking the feasibility of bilinear matrix inequalities (BMIs) [20,21].2. We provide upper-and lower-bound complexity results for the threshold problem of CBA, called Bounded Approximant problem (BA), that asks whether there exists a k-state approximant with distance from the original MC bounded by a given rational threshold. We show that BA is in PSPACE and NP-hard.3. We introduce the Minimum Significant Approximant Bound (MSAB) problem, that asks what is the minimum size k for an approximant to have some significant similarity to the original MC (i.e., at distance strictly less than 1). We show that this problem is NP-complete when one considers the undiscounted bisimilarity distance.4. Finally, we present an algorithm for finding suboptimal solutions of CBA that is inspired by Expectation Maximization (EM) techniques [22,23]. Experiments suggest that our method gives a practical approach that outperforms the bilinear program implementation -state-of-the-art bilinear solvers [21] fail to handle MCs with more than 5 states!