Bitcoin Group SE acquires stake in Sineus Financial Services GmbH
- 50% participation in Sineus Financial Services GmbH
- Greater security for operations and further development of Bitcoin.de
- Expansion ofservices in the field of cryptocurrencies and cross-selling the area of initial coin offering (ICO) and securities
Herford, January 16,2018 – Bitcoin Group SE (ISIN: DE000A1TNV91, WKN: A1TNV9) announcesthat on January 15,2018,the agreement to acquire 50% of the shares in SineusFinancial Services GmbH, based in Melle, Lower Saxony, has beennotarized.The purchase price is in the lower six-digit range.
SineusFinancial Services GmbH is a financial services institution registered by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht –BaFin) in the Register of Independent Fee-based Investment Advisors in accordance with section93 of the German Securities Trading Act (Wertpapierhandelsgesetz –WpHG) with a licence for the provision of investment services, investment advice and contract brokerage.Founded as an independent financial services institution in 2001, Sineus Financial Services GmbH was one of the pioneers in fee-based consulting aiming at providing client-friendly services without conflicts of interest. By dispensing with commissions from banks or fund companies, Sineus Financial Services GmbH makes it possible to increase personal returnsfor its customers.
The investment is part of Bitcoin Group SE's growth strategy to further expand its service portfolio with afinancial services provider. “Even though we greatly appreciate and strive to continue the long lasting, good liaisonwith existing partners, we were obliged toour shareholders and customersto ensure the operationsand further development of Bitcoin.de at any time also from our own resources. With our participation in Sineus Financial ServicesGmbH, we have now fulfilled this obligation and will also have the option, following the approval of the transaction by the supervisory authorities, to offer other companies services in the area of cryptocurrencies via Sineus Financial Services GmbH in thefuture. In addition, we are also considering the possibility of offering regulated financial instruments such as Initial Coin Offering (ICO) and traditionalsecurities investments via Sineus Financial Services GmbH to our now nearly 700,000 customers at Bitcoin.de. Sharing know-how, product portfolio,and customer base will create synergies and cross-selling opportunities toaccelerate our growth,"said Michael Nowak, Managing Directorof Bitcoin Group SE.
The transaction is subject to the condition precedent of approval by the relevant regulatory authorities. Closing is planned for the first half of 2018.