Bitcoin Group considering buying centuries-old German bank: Bloomberg Law

Quick Take

  • Bitcoin Group SE is said to be considering the purchase of the German bank Bankhaus von der Heydt.
  • Bankhaus von der Heydt is the same bank crypto exchange BitMEX planned to acquire earlier this year.

Bitcoin Group SE, a crypto-focused investment holding company based in Germany, is reportedly considering purchasing local bank Bankhaus von der Heydt. Bloomberg Law reported the news on Thursday, citing people familiar with the matter. The sale could value the bank at around €20 million ($19.6 million), according to the report.

Bankhaus von der Heydt is the same bank crypto exchange operator BitMEX planned to acquire in January of this year, but the deal fell through in March after the two parties reportedly mutually agreed to call off the acquisition. The reasons were unknown, but the deal was subject to the approval of German financial regulator BaFin.

Bankhaus von der Heydt was founded in 1754. Last year, the bank partnered with Fireblocks to offer crypto services to its clients. Headquartered in Munich, the privately owned bank has struggled to manage technology costs and has been looking for a buyer, according to the Bloomberg Law report.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

As for Bitcoin Group SE, it currently owns shares in two companies: Futurum Bank AG and Sineus Financial Services GmbH. The group holds 100% of the shares in Futurum, which operates the crypto-trading platform Bitcoin.de and offers other financial services, and 50% of the shares in Sineus Financial Services, a financial service provider supervised by BaFin.

Bitcoin Group aims to build up a portfolio of companies through acquisitions that meet the requirements of its investors in terms of risk diversification and potential returns, according to its website.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.