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

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.

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.

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