The purchase includes a EUR 14 million cash payment as well as 150,000 shares from a capital increase against contributions in kind of the company. It’s worth noting that the cash payment could be modified depending on the equity developments of Bankhaus von der Heydt. Moreover, the closing of the transaction is still subject to approval by the German Federal Financial Supervisory Authority for the third quarter of 2023.
Bankhaus von der Heydt holds a full banking licence and offers custody and tokenisation of digital assets in Germany. Through this acquisition, Bitcoin Group and Bankhaus von der Heydt will leverage the advantages of blockchain technologies by integrating them with banking and capital market infrastructures. The aim is to offer all banking, securities, and cryptocurrency trading services from a single source in a regulated and legally secure manner.
Bitcoin Group representatives cited by eqs-news.com highlighted the company’s opportunity to expand beyond existing activities in the field of securities trading and cryptocurrency custody. They also touched on the increasing regulation in the field of cryptocurrencies and how the acquisition of Bankhaus von der Heydt could help Bitcoin Group to consolidate and expand its market position.
Bankhaus von der Heydt was founded in 1754 and is based in Munich. According to cointelegraph.com, BMX Operations, a company founded by BitMEX executives, tried to buy Bankhaus von der Heydt in January 2022, but both sides walked away from the negotiating table in March.
In May 2022, Bankhaus von der Heydt has announced a partnership with fintech Coinpanion. The partnership was intended to ensure regulatory requirements for the launch of Coinpanion in Germany and to accelerate further expansion into Europe. Bankhaus von der Heydt offers a range of services including traditional and digital asset banking, securitisation, and fund services.
Bitcoin Group SE is a holding company that focuses on innovative business models and technologies from the cryptocurrency and blockchain sectors. Bitcoin Group SE holds 100% of the shares in futurum bank AG, which is a trading platform for digital currencies such as Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, Dogecoin, Tron, Solana, and Ripple under Bitcoin.de. It also holds 50% of the shares in Sineus Financial Services GmbH, which is a financial services provider supervised by BaFin.
Bitcoin Group SE has made other acquisitions in the German banking sector. For instance, it acquired futurum bank in a merger that was announced in 2018 and finalised in 2020. In 2018, Bitcoin Group also bought investment bank Tremmel Wertpapierhandelsbank, which was later merged into futurum.
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