CoinDesk
AMINA, the Swiss digital asset bank formerly known as SEBA, is working with Cantor to evaluate options for a potential public listing, according to people familiar with the matter. The bank has explored several paths to the public markets and is leaning toward a reverse takeover of a digital asset treasury company, though a spokesperson said no final decision has been made and emphasized the immediate priority is raising strategic growth capital rather than chasing a quick listing.
"We are not currently in discussions with any SPACs or DATs," the spokesperson said. "An IPO could be a logical next step in the future." Cantor declined to comment.
Why it matters
AMINA is one of a small handful of regulated banks serving institutional digital asset clients, with FINMA oversight and operations in Switzerland, Abu Dhabi, Hong Kong and India. It offers trading, custody, staking and lending to professional and institutional counterparties, and reported 74.6 million francs ($91 million) in Tier 1 capital at year-end 2025. The bank has previously raised roughly $245 million from investors including Julius Baer, DeFi Technologies and BlackRiver Asset Management. That profile makes it a structurally different listing candidate from a SPAC or a treasury company wrapper, and the framing matters: management is signaling that it wants a balance-sheet outcome, not a listing for its own sake.
Market impact
The company joins a packed 2025-2026 IPO cohort that includes Circle, Bullish, Gemini, BitGo and Figure, and post-listing performance across that group has been mixed as crypto prices, trading volumes and broader risk appetite have rolled over. Kraken parent Payward, Consensys, Ledger and Grayscale have all publicly delayed offerings while waiting for market conditions to improve. AMINA's preference for a strategic round followed eventually by a conventional IPO, rather than a fast SPAC merger, is a read on the same environment: the public window is narrower than it was at the start of the cycle, and serious operators are choosing capital first and a listing second.
Frequently asked questions
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What is AMINA Bank and who regulates it?
AMINA is a Swiss digital asset bank, founded in 2018 as SEBA Bank and rebranded in 2023. It is supervised by FINMA, the Swiss financial market regulator, and offers trading, custody, staking and lending services to institutional and professional clients.
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Who is advising AMINA on a potential public listing?
AMINA is working with Wall Street firm Cantor to evaluate options for a public listing. Cantor has declined to comment publicly on the engagement.
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What listing path is AMINA leaning toward?
According to people familiar with the matter, AMINA has explored several options including a SPAC merger and is leaning toward a reverse takeover of a digital asset treasury company. A spokesperson said no final decision has been made and that AMINA is not currently in discussions with any SPAC or DAT.
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Why does AMINA say a fast listing is not the priority?
AMINA's spokesperson said SPAC and other vehicles tend to focus on a quick stock market listing, while AMINA's focus is on options that support strategic growth capital. The bank is currently in discussions with potential investors rather than SPACs or DATs.
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How does AMINA fit into the broader crypto IPO wave?
AMINA joins a crowded 2025-2026 cohort of crypto-related listings that includes Circle, Bullish, Gemini, BitGo and Figure. Post-listing performance has been uneven, and firms like Kraken owner Payward, Consensys, Ledger and Grayscale have publicly delayed their own IPO plans while waiting for market conditions to…
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