AMINA Bank, a Swiss digital asset bank, is working with Cantor to assess public market options, including a possible reverse takeover, as it seeks new growth capital amid mixed results for recent crypto IPOs
AMINA Bank, a Swiss digital asset institution regulated by the Swiss Financial Market Supervisory Authority (FINMA), is evaluating a potential move to public markets with the assistance of Wall Street firm Cantor. According to Crypto Business News, the bank is considering several options for a public listing, with a reverse takeover of a digital asset treasury company currently viewed as the most likely route. While AMINA previously explored a merger with a special purpose acquisition company (SPAC), it has since shifted focus away from that structure. No final decision has been made, and the bank has not disclosed a timeline for any transaction.
For now, AMINA's stated priority is raising strategic growth capital rather than pursuing a rapid stock exchange debut. The bank has indicated that while it has received approaches from SPACs, it is not in active discussions with any SPAC or digital asset treasury company at this time. AMINA's spokesperson described an initial public offering (IPO) as a logical future step, but emphasized that the bank is focused on securing capital to support business expansion rather than seeking a fast listing. AMINA was founded in 2018 as SEBA Bank and rebranded in 2023. It holds a full digital asset banking license from FINMA and serves institutional and professional clients, offering crypto trading, custody, staking, and lending services. The bank operates in Switzerland and has expanded into Abu Dhabi, Hong Kong, and India.
Capital and Market Context
As of the end of 2025, AMINA reported 74.6 million Swiss francs (approximately $91 million) in Tier 1 capital. The bank has raised about $245 million from investors including Julius Baer, DeFi Technologies, and BlackRiver Asset Management. AMINA's expansion into multiple jurisdictions reflects a broader trend among regulated crypto banks seeking to diversify their client base and product offerings. Cantor, the Wall Street firm advising AMINA, declined to comment on the ongoing evaluation process.
The move comes during a period of heightened activity for crypto companies seeking public listings. Over the past year, firms such as Circle Internet, Bullish, Gemini Space Station, BitGo, and Figure have completed public listings, marking the busiest stretch for crypto IPOs since 2021. While initial investor demand for these offerings was strong, post-listing performance has varied, with softer crypto prices and reduced trading activity weighing on valuations. This uneven track record has led several other crypto firms, including Kraken parent Payward, Consensys, Ledger, and Grayscale, to delay or reconsider their own public market plans.
Strategic Considerations
AMINA's approach reflects the challenges facing digital asset banks and crypto infrastructure providers as they weigh the benefits and risks of public market access. A reverse takeover-where a private company acquires a publicly traded firm to gain a listing-can offer a faster and potentially less costly route to the public markets compared to a traditional IPO. However, such transactions also carry regulatory, operational, and integration risks, especially in the context of evolving global crypto regulations and shifting investor sentiment.
For U.S. investors and institutions, AMINA's potential public listing would add another regulated crypto banking option to the global landscape, though the bank's products and services are primarily targeted at institutional and professional clients outside the United States. The outcome of AMINA's evaluation process may influence how other regulated crypto banks approach capital raising and public market access, particularly as the sector continues to adapt to changing market conditions and regulatory expectations.
According to AMINA's most recent disclosures, the bank's Tier 1 capital stood at 74.6 million Swiss francs ($91 million) at the end of 2025, and it has raised a total of approximately $245 million from a mix of traditional financial institutions and digital asset investors. These figures provide a snapshot of the bank's financial position as it considers its next strategic steps.
Reverse takeovers have become a more common route for crypto companies seeking public listings, especially as traditional IPOs and SPAC mergers face increased regulatory scrutiny and market volatility. While a reverse takeover can expedite the listing process, it does not eliminate the need for robust due diligence, regulatory approval, and post-merger integration. For digital asset banks like AMINA, the choice of listing method will depend on a range of factors, including capital needs, investor appetite, and the evolving regulatory environment in both Switzerland and key international markets.
