Bitcoin Group SE is considering a $19.6 million bid for Bankhaus von der Heydt, a 268-year-old German bank that has struggled to move into the cryptocurrency sector.
One of Germany’s first lenders to offer digital asset trading and custody services, Bankhaus von der Heydt, had difficulties managing costs. The bank had been in talks with potential buyers following a failed deal with crypto-derivatives exchange BitMEX.
Key Takeaways
- Bitcoin Group SE is considering a bid for a Germany-based bank Bankhaus von der Heydt.
- Despite its efforts, the bank has been unable to enter the cryptocurrency market.
- Crypto trading platform BitMEX attempted to acquire the bank earlier this year, but the deal failed due to regulatory issues.
Bankhaus von der Heydt isn’t the first bank Bitcoin Group has acquired. The investment firm also owns Futurum Bank AG, which controls the cryptocurrency trading platform Bitcoin.de. It also has a 50% stake in Sineus Financial Services GmbH, which is regulated by the Federal Financial Supervisory Authority (BaFin). BaFin will have to approve any deal to purchase the bank.
Bankhaus von der Heydt is one of the oldest banks in the world. Its interest in cryptocurrency was likely an attempt to keep up with the times. Last year, Bankhaus von der Heydt partnered with Fireblocks to expand its digital asset banking services. Even so, the bank was reluctant to invest more capital in the project without a new income source. Some believe the bank will be forced to shut down without a buyer, as they recently canceled servicing contracts with several crypto funds.