The centuries-old story of Munich-based bank Bankhaus von der Heydt is ending, at least in its current independent form, following an agreed sale to the German crypto holding company Bitcoin Group for around €14 million.
Bankhaus, which traces its roots back to 1754 as a family-owned cloth export business, has more recently sought to combine heritage and fintech by melding blockchain onto its banking services.
The purchase by Bitcoin Group still has a few hurdles to clear, mainly in securing regulatory approval from the federal German financial supervisor, though this should come in time for the third financial quarter next year.
Bitcoin Group told traders the purchase price included a €14 million cash payment, but there's scope for the value to change depending on equity fluctuations before closing. In addition, the acquisition includes 150,000 shares in the group issued during a recent capital call.
Buying a bank comes with the value add of taking Bankhaus's banking licence for operating in Germany, meaning Bitcoin Group has potentially got itself an oven-ready M&A deal that's already active in the digital assets and tokenisation space.
Bitcoin Group's existing holding companies include the German crypto-bank Futurum, so it has synergies there also.