Bitcoin Group Acquires German Bank Bankhaus Von Der Heydt For Over $14 Million

Bitcoin Group SE, a holding company focused on the blockchain and cryptocurrency sectors, said that it had reached an agreement to acquire Bankhaus von der Heydt in Germany in its entirety for 14 million euros (about $15 million) in cash and 150,000 shares.

According to the business release, the purchase price may alter depending on changes in the target company’s equity. The transaction is anticipated to close in the third quarter of 2023 but is still pending clearance by the German Federal Financial Supervisory Authority (BaFin).

Bankhaus von der Heydt was established in 1754 and has a complete banking license. In Germany, the bank serves as a provider of digital asset custody and tokenization. The bank and Fireblocks collaborated to provide clients with crypto services last year.

Bitcoin exchange Bitmex had intended to buy the bank in January of this year, but the transaction was apparently called off by both sides in March. Although the reasons remained unknown, BaFin had to approve the sale.

According to its website, Bitcoin Group seeks to amass a portfolio of businesses through acquisitions that satisfy the needs of its investors in terms of risk diversification and prospective profits. Currently, Bitcoin Group holds stock in two businesses: Sineus Financial Services GmbH, a BaFin-regulated financial services provider, and Futurum Bank AG, which runs the cryptocurrency trading website Bitcoin.de.

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