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The acquisition of Bankhaus von der Heydt is one of many that the Bitcoin Group has carried out in the German banking sector.
Bitcoin Group SE, a crypto-focused firm, may have just fully acquired a Munich-based bank, Bankhaus von der Heydt. According to a recent announcement by the firm, it reached an agreement with the bank owner Dietrich von Boetticher, to buy the bank for 14 million euros (approximately $15 million) in cash and 150,000 shares. The deal will see Bitcoin Group acquire 100% of shares in the bank, which is fully licensed for custodial and tokenization services. But while the deal has been agreed upon by both parties, it is yet still subject to approval from the German Federal Financial Supervisory Authority (BaFin). Therefore, and by all calculations, the acquisition is expected to be fully completed by the third quarter of 2023.
Bitcoin Group Acquisitions
Recall that the firm announced in October that it was in active talks with several banks. One of those banks was Bankhaus von der Heydt, which Bloomberg reported at the time, was financially incapacitated to launch its intended digital asset trading and custody services. The bank may have been struggling with profitability since launching its euro-denominated stablecoin, EURB, back in 2020. Especially since the coin failed to make public trading as a result of not satisfying Know Your Customer (KYC) regulations.
Nonetheless, it’s worth mentioning that the acquisition of Bankhaus von der Heydt is one of many that the Bitcoin Group has carried out in the German banking sector. At least, within the past few years.
In 2018, Bitcoin Group announced a merger and acquisition deal with futurum bank. Although the deal was not completed until 2020. In the same 2018, the group also bought investment bank Tremmel Wertpapierhandelsbank. However, that was later merged into futurum.
Shares Surge By 5%
Meanwhile, the news of the acquisition deal has seen shares in Bitcoin Group rise by 5.50%. As of publication, the share price was up to 21.48 euros in Germany.
Germany was recently ranked the most favorable crypto economy in the world. This is according to a Coincub survey that was conducted in the third quarter of 2022. Switzerland and Australia took up the second and third spots on that ranking, while the United States came in seventh.