Boerse Stuttgart Digital and Tradias close their merger after regulatory approval, creating a 300-employee crypto unit serving European banks and brokers.
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Boerse Stuttgart Digital and institutional crypto trading firm Tradias have completed their merger after receiving regulatory approval for the required ownership control procedure. The deal creates a combined digital asset business with about 300 employees.
An announcement released Wednesday said the transaction, first unveiled in February, is now closed. The two regulated crypto businesses will operate under a single structure focused on institutional clients across Europe.
The combined company will use the Boerse Stuttgart Digital name, while Tradias continues as the dedicated brand for trading services. Together, the business offers trading, custody, staking and tokenization for banks, brokers and other financial institutions.
Operations will be managed from Frankfurt and Stuttgart, with teams in Athens, Beirut, Berlin, Dubai, Madrid, Milan and Ljubljana. Tradias founder Christopher Beck and Boerse Stuttgart Digital managing director Ulli Spankowski have been appointed co-chief executives of the merged entity. Financial terms were not disclosed.
By combining operations, the two firms bring together regulated trading infrastructure with custody and digital asset services already used by several European financial institutions.
Boerse Stuttgart Digital counts DZ Bank, DekaBank, Intesa Sanpaolo and Societe Generale-FORGE among its clients. Tradias provides trading and market-making across more than 150 cryptocurrencies and other digital assets, serving customers including flatexDEGIRO, dwpbank and European government institutions.
Earlier this year, DekaBank partnered with Boerse Stuttgart Digital to launch crypto trading services for institutional investors. DekaBank relied on Boerse Stuttgart Digital’s regulated brokerage and custody infrastructure after the company secured authorization under the European Union’s Markets in Crypto-Assets framework. DekaBank itself holds crypto custody approvals from the European Central Bank and Germany's BaFin.
The merger follows a series of projects by Boerse Stuttgart Group aimed at expanding blockchain-based financial infrastructure beyond crypto trading.
Last September, the group introduced Seturion, a blockchain settlement platform for cross-border trading of tokenized assets across Europe. The platform supports public and private blockchains and allows settlement using central bank money or on-chain digital currencies. It connects banks, brokers, trading venues and tokenization platforms through shared infrastructure.
Boerse Stuttgart said when Seturion launched that the platform could reduce settlement costs by as much as 90% while giving financial institutions access to tokenized asset trading without requiring each participant to obtain a dedicated distributed ledger technology license.
More recently, Seturion added Societe Generale, SG-FORGE and flatexDEGIRO as participants in its settlement network. The expansion brought tokenized structured securities, MiCA-compliant euro and dollar stablecoins, and retail brokerage order flow onto the platform, extending its role in regulated digital securities settlement across Europe. Nasdaq’s European trading venues are also expected to connect with the network, according to Boerse Stuttgart’s earlier announcement.
Tradias adds an established institutional trading business to Boerse Stuttgart Digital’s existing regulated infrastructure. The company offers trading and market-making across more than 150 digital assets and has built relationships with brokers, banks and public sector institutions across Europe. Keeping the Tradias name for trading services allows the merged business to preserve its existing market presence while integrating under a single digital asset organization.
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