Bitcoin Group to acquire Bankhaus von der Heydt

The cryptocurrency-focused holding Bitcoin Group has agreed to acquire the German bank Bankhaus von der Heydt (BVDH). According to a press release.

The deal is for €14 million ($14.7 million) and 150,000 shares.

The deal is subject to approval by BaFin. It is expected to close in the third quarter of 2023.

Interest in Bitcoin Group’s takeover of the German bank emerged in October. At the time, Bloomberg sources reported that the purchase price could amount to €20 million ($19.6 million at the rate at that time).

Bankhaus von der Heydt, which has operated since 1754, offered crypto-related services in 2021 in partnership with Fireblocks. In light of high technology costs and low profitability, management decided to seek a buyer.

The Bitcoin Group comprises Futurum Bank and Sineus Financial Services (50% stake), licensed by BaFin. The former operates the crypto-trading platform Bitcoin.de.

In January, the BitMEX-related company BXM Operations and BVDH signed an agreement to sell the latter.

Later, the parties agreed to terminate the deal without explanation, according to the media.

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