Bitcoin Group SE Buys Investment Bank Tremmel
Based on a recent report, Bitcoin Group SE, a popular asset management firm has completely acquired an investment bank— Tremmel. Bitcoin Group reportedly bought the investment bank to make its next phase of global expansion relatively convenient.
Reasons Behind the Absolute Buyout
Through the acquisition of Tremmel, Bitcoin Group SE will be able to operate bitcoin ATMs, issue its own cryptocurrency-related products, and conduct proprietary trading. The report made it known that this was a total buy out and everything formally belonging to Tremmel is now the property of the group. The value of the deal has however not been fully disclosed.
Bitcoin Group, which holds assets worth about $40 million has been quite busy this year. The report made it known that this deal is the second of its kind the company has closed this year.
A recent report also made it known that the group has its stock listed on the Frankfurt Stock Exchange. The company is also a parent to Germany’s only regulated digital currency exchange— Bitcoin.de.
With the acquisition of Tremmel, the group will be able to use the bank’s license to further its course as well as help with its global expansion.
Based on a recent statement from the group, it was made known that users of its trading platform can now maintain an order book as well as quote prices, and this does not in anyway affect liquidity.
The group confirmed this in a comment made by the managing director of Bitcoin Group, Marco Bodewein. He stated that:
“We are very pleased that in Tremmel Wertpapierhandelsbank Gmbh…we have been able to gain an excellently positioned partner with in-depth knowledge of the market,”
He further stated that:
“This will enable us to take the corporate development of Bitcoin Group SE to a new level,”
Deal to be Finalized in 2019
A report has also made it known that the deal is expected to reach its final stages in the first half of 2019, as long as it meets all the requirement necessary for approval by relevant regulatory authorities. The report also hinted at the likely cost of the deal.
As per the requirement of the deal,
Rainer Bergmann, the current sole shareholder and managing director of Tremmel, will maintain his position in the company.
