AMINA, a Swiss digital asset bank, said it is working with Wall Street firm Cantor to explore options that might lead to a public listing.
The bank has explored several possibilities, including a SPAC merger, and now favors going public through a reverse takeover of a digital asset treasury company, according to two people familiar with the matter, who spoke on condition of anonymity because the talks are private.
Discussions are ongoing and no final decision has been made on the preferred path forward, an AMINA spokesperson said. An IPO may be on the cards, but the immediate concern is to raise strategic growth capital, they said.
“SPACs and other vehicles have contacted us. Their primary focus is on a quick stock market listing rather than growth capital. In contrast, we are looking at options that will support AMINA’s strategic growth,” the company spokesperson said in emailed comments.
“We are not currently in discussions with any SPACs or DATs,” they added. “We are in discussions with potential investors. As mentioned, the focus is on strategic growth capital. An IPO could be a logical next step in the future.”
Cantor declined to comment.
Founded in 2018 as SEBA Bank and rebranded as AMINA in 2023, the lender is overseen by the Swiss Financial Market Supervisory Authority, FINMA. It is one of a small number of regulated banks focused on digital assets. The company offers crypto trading, custody, staking and lending services to institutional and professional investors, and has expanded into Abu Dhabi, Hong Kong and India.
The crypto industry has embraced public markets over the past year, with listings from companies including Circle Internet (CRCL), CoinDesk’s owner Bullish (BLSH), Gemini Space Station (GEMI), BitGo (BTGO) and Figure (FIGR) marking the sector’s strongest IPO wave since 2021.
While the deals initially drew strong investor demand, post-listing performance has been uneven as weaker crypto prices, slowing trading activity and a broader risk-off environment weighed on valuations.
This has prompted some private companies to delay or reconsider their own public market plans. Several major crypto firms, including Kraken parent Payward, Ethereum app builder Consensys, wallet provider Ledger and asset manager Grayscale, have delayed IPO plans while waiting for markets to improve.
As of year-end 2025, AMINA reported 74.6 million francs ($91 million) in Tier 1 capital. It has raised roughly $245 million from investors including Julius Baer, DeFi Technologies and BlackRiver Asset Management.