Bitcoin Group: Bitcoin Group Evaluates Offer From 268-Year-Old German Bank

Bitcoin Group SE is considering an offer for Bankhaus von der Heydt, the 268-year-old German bank that has stumbled with its own moves in cryptocurrencies and digital assets, people familiar with the matter have said.

Founded in 1754, Munich-based Bankhaus von der Heydt spoke to potential buyers after a failed deal to sell on crypto derivatives exchange BitMEX, the people said. A sale could value the bank at around ₹20 million ($19.6 million), the people said, asking not to be identified discussing confidential information.

Bitcoin Group is a Germany-based crypto and blockchain investor that owns futurum bank AG, a trading platform for digital currencies.

Deliberations are ongoing and there is no certainty that they will result in a sale, people say. A spokeswoman for Bankhaus von der Heydt declined to comment, while a representative for Bitcoin Group had no immediate comment.

Bankhaus von der Heydt has become one of the first lenders in Germany to offer digital asset trading and custody services, betting the demand for cryptocurrencies would help it reverse years of losses. But the costs of developing the technology pushed the bank further into the red.

Owner Dietrich von Boetticher is reluctant to continue injecting capital and without a new source of cash the bank could be forced to close, people say.

Bitcoin Persists Below $20,000 For Longest Period Since Late 2020

Bitcoin has spent more than two weeks trading below a key $20,000 threshold for the first time since breaking that level in late 2020, indicating a lack of optimism among traders as volatility the hallmark of the asset class dissipates in the face of rising interest rates. The largest cryptocurrency by market value edged lower for a fourth trading session, falling less than 1% to $18,969 as of 9:33 a.m. New York.

About Vicki Davis

Check Also

The Rupee gains 45 paise to close at 81.47 against the US Dollar

The rupee appreciated 45 paise to close at 81.47 (provisional) against the US dollar on …