What to Know

  • Swiss digital asset bank AMINA is working with Wall Street firm Cantor to evaluate options that could lead to a public listing.
  • AMINA has explored several possible public-market routes, including a SPAC merger, while discussions remain ongoing and no final decision has been made.
  • People familiar with private talks said the bank was seen as favoring a reverse takeover of a digital asset treasury company, but an AMINA spokesperson denied that this route is being considered and later said it is not an option.
  • The company says its immediate priority is strategic growth capital rather than a quick stock market listing.
  • Cantor declined to comment on its advisory role.
  • Founded in 2018 as SEBA Bank and rebranded as AMINA in 2023, the bank is overseen by the Swiss Financial Market Supervisory Authority, FINMA.
  • AMINA offers crypto trading, custody, staking and lending services to institutional and professional investors.
  • The firm has expanded into Abu Dhabi, Hong Kong and India.
  • As of year-end 2025, AMINA reported 74.6 million francs, equivalent to $91 million, in Tier 1 capital.
  • AMINA has raised roughly $245 million from investors including Julius Baer, DeFi Technologies and BlackRiver Asset Management.

AMINA Evaluates Public-Market Path as Growth Capital Takes Priority

Swiss crypto bank AMINA is working with Cantor as it reviews options that could eventually take the company to the public markets, placing the regulated digital asset lender in the center of a renewed debate over how crypto businesses should approach listings during a less predictable market cycle. The process remains exploratory, and AMINA has not settled on a final route. For now, the company is presenting strategic growth capital as the more immediate objective, while leaving open the possibility that an initial public offering could become a logical next step in the future.

The bank has examined multiple structures, including a SPAC merger, as private crypto companies continue to weigh the advantages and risks of public-market access. People familiar with private discussions said AMINA had been viewed as favoring a reverse takeover of a digital asset treasury company. AMINA pushed back on that characterization. A company spokesperson said the firm is not currently in discussions with any SPACs or digital asset treasury companies and later stated that going public through a reverse takeover of a digital asset treasury company is not an option for the bank.

That distinction matters because the choice of listing route can shape the investor base, valuation process, regulatory scrutiny and long-term capital strategy of a financial institution. A traditional IPO can offer broad visibility but requires substantial preparation and market receptivity. A SPAC merger may accelerate access to public markets, but the structure has faced greater investor skepticism in recent cycles. A reverse takeover can also provide a path to a listing, yet it may carry questions about fit, governance and the durability of the combined business model. AMINA’s public comments suggest the bank is trying to avoid being defined by speed to market and is instead prioritizing capital aligned with expansion.

Company Says Strategic Growth Is the Central Goal

AMINA’s position is that outside approaches from listing vehicles are not necessarily aligned with its needs. The company said SPACs and other vehicles have contacted it, but that their primary focus is a quick stock market listing rather than growth capital. AMINA said it is looking at options that support strategic growth. The bank also said it is in discussions with potential investors, with the focus remaining on strategic growth capital.

This framing reflects a broader tension in the crypto sector. Public listings can provide brand recognition, liquidity for existing shareholders and access to a deeper pool of institutional capital. But a listing also exposes companies to quarterly performance pressure, public valuation swings and greater sensitivity to crypto market downturns. For a bank operating in digital assets, the balance is especially delicate because credibility with regulators, clients and counterparties can be just as important as speed of expansion.

Cantor declined to comment. Its role as adviser nevertheless underscores the seriousness with which AMINA is examining its options. For a regulated crypto bank, the public-market route is not merely a financing event. It can become a strategic statement about governance, investor access and confidence in the long-term institutionalization of digital assets.

A Regulated Swiss Crypto Bank With Global Ambitions

AMINA was founded in 2018 as SEBA Bank and rebranded as AMINA in 2023. The bank is overseen by FINMA, Switzerland’s financial markets regulator, and is part of a small group of regulated banks focused on digital assets. Its business includes crypto trading, custody, staking and lending services for institutional and professional investors. The company has also expanded into Abu Dhabi, Hong Kong and India, giving it a footprint across several important financial and digital asset hubs.

The bank’s regulated status is central to its identity. Institutional investors often require more than access to crypto markets; they need custody standards, compliance processes, risk controls and a recognizable supervisory framework. AMINA’s model is built around serving clients that want exposure to digital assets through a structure closer to traditional finance than to lightly regulated crypto-native venues. That positioning may support the case for growth capital, particularly if institutions continue to demand regulated channels for crypto activity.

At year-end 2025, AMINA reported 74.6 million francs, equivalent to $91 million, in Tier 1 capital. The company has raised roughly $245 million from investors including Julius Baer, DeFi Technologies and BlackRiver Asset Management. Those figures provide useful context for investors evaluating AMINA’s scale, capital base and ability to pursue expansion without immediately committing to a public listing.

Crypto Listings Face a More Selective Market

AMINA’s review comes after a wave of crypto companies turned to public markets. Listings from Circle Internet, Bullish, Gemini Space Station, BitGo and Figure helped mark the sector’s strongest IPO wave since 2021. The initial response to those deals showed that investors still have appetite for digital asset businesses when market conditions are supportive and when companies can present clear revenue models, strong brands or infrastructure relevance.

Even so, post-listing performance has been uneven. Weaker crypto prices, slower trading activity and a broader risk-off environment have weighed on valuations. That has complicated decision-making for private crypto companies. A firm may be operationally ready to pursue a listing but still decide that timing, structure or investor sentiment makes a delay more prudent. In that environment, companies with credible private capital options may prefer to strengthen their balance sheets before stepping into public markets.

Several major crypto firms have delayed IPO plans while waiting for market conditions to improve. Those firms include Kraken parent Payward, Ethereum app builder Consensys, wallet provider Ledger and asset manager Grayscale. Their caution highlights how much the sector has changed since earlier crypto bull cycles, when public listings and rapid capital formation were often treated as proof of momentum. Today, investors are paying closer attention to profitability, durability of trading volumes, regulatory exposure and the ability to withstand crypto price cycles.

Why the Listing Structure Matters

For AMINA, the structure of any possible public-market transaction would carry strategic implications. A traditional IPO would likely require the bank to present its business in detail to public investors, with a focus on capital strength, revenue quality, risk controls and growth prospects. It could also help the company build a broader shareholder base and increase visibility among institutional clients.

A SPAC merger or reverse takeover would involve different trade-offs. These routes can sometimes shorten the path to public markets, but they can also raise questions about valuation discipline and investor alignment. AMINA’s comments indicate that it does not want the listing route to overshadow the purpose of raising capital. The company’s emphasis on strategic growth suggests that it is seeking investors who can support its business plan rather than simply facilitate a market debut.

Digital asset treasury companies have become an increasingly visible part of the crypto capital markets landscape. These entities typically hold digital assets on their balance sheets and can attract investors seeking indirect exposure to crypto prices. However, a regulated bank focused on services such as custody, trading, staking and lending has a different profile. Combining or aligning with such a structure could create strategic questions, which helps explain why AMINA’s denial of that option is an important part of the current market narrative.

Institutional Crypto Remains the Core Story

Beyond the mechanics of any listing, AMINA’s situation points to a deeper theme: institutional crypto infrastructure continues to mature, but capital markets are becoming more selective. The firms most likely to attract durable investor interest are those that can show regulatory credibility, clear client demand and disciplined growth. AMINA’s regulated banking model gives it a differentiated position, but public investors would still examine the same questions facing the broader sector, including market volatility, revenue cyclicality and the competitive landscape.

Crypto banking is also a business where trust is a core asset. Institutional and professional clients rely on service providers to safeguard assets, execute trades, support staking and extend lending services within controlled risk frameworks. As digital assets become more integrated with traditional finance, regulated entities may have an advantage with clients that need compliance and oversight. That does not eliminate market risk, but it may support demand for well-capitalized platforms with established regulatory relationships.

AMINA’s next step is not yet defined. The company has made clear that no final decision has been made on a preferred path forward. An IPO remains possible in the future, but strategic growth capital is the immediate focus. For investors watching the crypto banking sector, the key issue is whether AMINA can secure the kind of capital that expands its institutional footprint while preserving flexibility around a future public listing.

Frequently Asked Questions (FAQs)

What is AMINA evaluating with Cantor?

AMINA is working with Cantor to evaluate options that could eventually lead to a public listing. The process remains ongoing, and the bank has not made a final decision on its preferred route.

Is AMINA currently planning an IPO?

AMINA has said an IPO could be a logical next step in the future, but its immediate focus is strategic growth capital. The company has not announced a firm IPO plan.

Has AMINA considered a SPAC merger?

AMINA has explored several possible routes to the public markets, including a SPAC merger. The company said it is not currently in discussions with any SPACs.

Is AMINA pursuing a reverse takeover of a digital asset treasury company?

People familiar with private discussions said that route had been viewed as favored, but AMINA denied that it is being considered. The company later said going public through a reverse takeover of a digital asset treasury company is not an option.

Why is strategic growth capital important for AMINA?

Strategic growth capital can support expansion without forcing the company into a quick public listing. AMINA has said it wants options that support its long-term growth rather than vehicles focused mainly on stock market access.

What services does AMINA provide?

AMINA provides crypto trading, custody, staking and lending services to institutional and professional investors. The bank operates as a regulated digital asset-focused lender.

Who regulates AMINA?

AMINA is overseen by the Swiss Financial Market Supervisory Authority, FINMA. Its regulated status is a key part of its positioning in institutional digital assets.

Where has AMINA expanded internationally?

AMINA has expanded into Abu Dhabi, Hong Kong and India. These markets are part of its broader international footprint in digital asset services.

How much capital has AMINA reported and raised?

As of year-end 2025, AMINA reported 74.6 million francs, equivalent to $91 million, in Tier 1 capital. It has raised roughly $245 million from investors including Julius Baer, DeFi Technologies and BlackRiver Asset Management.

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