The purchase agreement is subject to regulatory approval from the Federal Financial Supervisory Authority (BaFin)
BMX Operations AG, an affiliate formed yesterday by executives from the BitMEX Group, revealed plans to acquire the 268-year-old German bank Bankhaus von der Heydt. Financial details were not disclosed, but the transaction is expected to close by the end of the second quarter of this year.
BMX Operations, which is owned by BitMEX Group CEO Alexander Höptner and CFO Stephan Lutz, said it had signed a purchase agreement with the bank’s current owner, Dietrich von Boetticher. The acquisition remains conditional because Germany’s financial regulator, BaFin, has not yet granted approval.
“By combining Bankhaus von der Heydt’s regulated digital-asset expertise with BitMEX’s crypto innovation and scale, I believe we can create a regulated crypto-product powerhouse in the heart of Europe,” Höptner said following the agreement.
Stephan Lutz added that Germany represents the best market to expand BitMEX’s services because of its substantial economy.
Linking crypto with traditional banking
The strategic purpose of the acquisition is to create a one-stop offering for crypto products in Germany, also serving customers in Austria and Switzerland. BitMEX Group said this move is part of its plan to become a major European player and to pursue global growth.
Bankhaus von der Heydt will continue its normal operations, while Höptner and Lutz are expected to join the bank’s supervisory board in oversight roles.
If completed, the deal would not be the first collaboration between cryptocurrency exchanges and traditional financial institutions. Last November, Siam Commercial Bank, Thailand’s oldest bank, acquired a 51% stake in the crypto exchange Bitkub.
It is also worth noting that this is not Bankhaus von der Heydt’s first involvement with cryptocurrencies. The bank already operates a crypto trading desk and late last year announced plans to offer crypto custody services using the digital-asset platform Fireblocks.
BitMEX’s expansion strategy in Europe
BitMEX appears to be preparing for broader digital-asset expansion in Europe. In October, the company launched BitMEX Link in Switzerland, a brokerage and trading service.
The exchange has also announced plans to begin minting its native token, BMEX. The offering would have a maximum supply of 450 million tokens distributed over five years. One-fifth of the supply is reserved for company employees, and one-quarter is allocated for the exchange’s “long-term commitment to the token and the ecosystem.”
BitMEX said users should expect a whitepaper before the end of the month, and token distribution will begin in February.