Swiss crypto bank Amina Bank, formerly Seba Bank, reported record financial results for 2024, with revenue climbing 69% year-over-year to $40.4 million.

The bank also saw its assets under management (AUM) rise by 136% to $4.2 billion, driven by institutional demand and strategic expansion, according to a May 28 news release.

The Zurich-based bank credited the growth to its multi-jurisdictional footprint, 24/7 trading capabilities and a lending book that has maintained zero defaults over five years.

“I’m incredibly proud of our team’s tenacity and focus, which led to quarterly profitability in Q4 2024, a pivotal milestone that confirms the value of our approach,” CEO Franz Bergmueller said.

Related: Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Amina adds $801 million in assets in 2024

During the year, Amina added $801 million in net new assets. Revenue from derivatives increased by 40%, reflecting increased interest from clients seeking crypto-based risk-management tools.

The bank also said it invested in building a proprietary digital platform last year, aiming to serve business-to-consumer (B2C), business-to-business (B2B) and business-to-business-to-consumer (B2B2C) clients.

The system, expected to launch later this year, will feature API-based infrastructure to handle increasing demand across markets.

Mike Foy, chief financial officer at Amina Bank, said the bank’s liquidity coverage ratio increased to 228% in 2024, up from 219% in 2023.

“In addition, our CET1 capital ratio, which compares a bank’s capital against its risk-weighted assets, is more than double the regulatory requirement at 34%, despite an increase in risk-weighted assets as a result of our expansion,” Foy added.

Related: Crypto projects prepare to battle for privacy in Switzerland

Amina’s international revenue grows

Amina also noted that its international revenue continues to increase, with income from its Abu Dhabi operations rising 150% year-over-year and Hong Kong posting 570% growth. The bank expects to onboard 30 B2B2C partners by the end of 2025, up from almost 20.

Founded in 2019, Amina holds licenses from the Swiss Financial Market Supervisory Authority (FINMA), Abu Dhabi’s Financial Services Regulatory Authority (FSRA) and Hong Kong’s Securities and Futures Commission (SFC).

Amina rebranded from SEBA Bank on Dec. 1, 2023, to highlight its shift toward integrating traditional finance with digital and crypto services.

In November 2023, Switzerland’s St. Galler Kantonalbank, one of the largest banks in the country, partnered with then-branded Seba to offer its clients digital asset custody and brokerage services.

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BlackRock, one of the world’s largest Bitcoin holders, is reportedly participating in a bond raise by crypto-friendly messenger Telegram.

Telegram is expected to raise at least $1.5 billion in a bond issue on May 28, with support from existing backers like BlackRock and Abu Dhabi’s investment firm Mubadala, The Wall Street Journal reported.

As part of the sale, Telegram is offering investors five-year bonds at a 9% yield, the report said, citing sources familiar with the matter.

Telegram plans to use the proceeds to buy back remaining debt from bonds issued in 2021, which are due to mature in March 2026.

Discounts for potential Telegram IPO

Apart from existing Telegram bondholders like BlackRock and Mubadala, the sale is also expected to bring new investors, including the US hedge fund firm Citadel.

The WSJ report came weeks after Bloomberg first reported on Telegram’s bond sale in late April, with sources claiming that the company was holding investor meetings about a bond sale worth about $2 billion to refinance its debut debt offering from 2021.

According to the Financial Times, Telegram’s new bond offering will allow investors to buy shares in a potential initial public offering at a 20% discount, mirroring the terms of previous bond sales.

Telegram CEO to return to Dubai

While Telegram has not issued any official statement regarding the bond sale, its CEO, Pavel Durov, has teased the public with his upcoming visit to Dubai next week.

Soon after the WSJ broke the news, Durov took to X to deliver a short statement: “I’ll be in Dubai the first week of June — good news ahead.”

Source: Pavel Durov

The expected visit would mark Durov’s second entrance to Dubai since the Telegram CEO was arrested in France in August 2024 and prohibited from leaving the country after being released on bail amid an ongoing probe into the messenger.

Durov previously traveled to Dubai after receiving permission to do so from a French court in March.

“Only way to get exposure to Telegram equity early”

Telegram’s $1.5 billion bond sale is the “only way to get exposure to Telegram equity early,” Mikko Ohtamaa, co-founder of algorithmic trading firm Trading Strategy, wrote in a LinkedIn post.

He stressed that the bond offering has “very credible investors,” which solidifies its position on the market.

Source: Mikko Ohtamaa

News of Telegram’s bond offering came the same day as Durov announced a $300 million deal with Elon Musk’s xAI to integrate xAI’s Grok AI chatbot into the messenger.

Cointelegraph approached BlackRock and Telegram for comment regarding the bond raise, but did not receive a response by the time of publication.

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Sui-based decentralized exchange Cetus may be one step closer to recovering funds lost in a recent exploit, pending the outcome of a community governance vote scheduled to end June 3.

Cetus was exploited for over $220 million worth of digital assets on May 22. Shortly after the incident, Cetus managed to freeze $162 million of the funds.

In a May 27 post on X, Sui said Cetus had requested a community vote to approve the recovery of the frozen funds.

“If the community vote is approved, the funds will be recovered from the attacker and held in a multisig trust account until they can be returned to accounts that had positions in Cetus,” the post said.

The vote is part of a broader recovery plan that includes using Cetus’s treasury and securing an emergency loan from the Sui Foundation.

Source: Sui

The ability of Sui validators to freeze the funds has sparked debate within the community, with some users criticizing the centralization risk and others praising the rapid response as a positive step for security.

Related: Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claims

Sui (SUI) tokenholders can stake their delegated tokens to a validator that votes in line with their preference.

Sui community votes for frozen Cetus funds. Source: Sui

At the time of writing, 52.9% of validators had voted in favor, while 46.7% have yet to cast their votes, Sui blockchain explorer data showed. 

Related: Metaplanet’s Bitcoin ‘premium’ nears $600K per BTC

Cetus asks for Sui Foundation emergency loan

Cetus has also requested an emergency loan from Sui, along with validator and community support for the return of the stolen funds.

Cetus is now in a position to “fully cover the stolen assets” if the locked funds are recovered through the ongoing community vote.

“This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible,” Cetus said in a May 27 X post.

Source: Cetus

Regardless of the vote’s outcome, Cetus said a recovery process would begin immediately. The protocol plans to publish a detailed plan outlining next steps for affected users.

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Japanese investment company Metaplanet is raising $50 million through a private placement of zero-interest bonds as part of its strategy to increase its Bitcoin exposure. 

In a May 28 announcement, the company said it was raising $50 million through bonds. The bonds are issued in $1.25 million denominations and carry no interest. Investors will not receive regular payments, with any potential profit expected to come from the bonds’ redemption value.

Evo Fund, a Cayman Islands-based investment firm, will be the sole bondholder. The investment company has been Metaplanet’s primary backer for its Bitcoin acquisition strategy, subscribing to multiple rounds of Metaplanet’s zero-interest bonds, providing capital for its Bitcoin (BTC) buys.

The bonds are unsecured and not guaranteed, with neither a bond administrator nor collateral. This reflects the high degree of trust between the two companies. It also shows confidence in BTC’s long-term outlook as Metaplanet continues to increase its holdings. 

Excerpt of Metaplanet’s announcement to issue zero-interest bonds to buy Bitcoin. Source: MetaplanetMetaplanet expects minimal impact on 2025 results

Metaplanet said it expects the issuance to have minimal impact on its 2025 financial results, though it will disclose further developments if needed.

Metaplanet’s push into Bitcoin highlights a growing trend among companies seeking alternatives to fiat-based treasury strategies. 

The move follows Metaplanet’s second-biggest BTC purchase, scooping up 1,004 Bitcoin worth over $100 million. This pushed the company’s Bitcoin holdings to 7,800 BTC, worth over $800 million. According to BitcoinTreasuries.NET, Metaplanet is up by nearly 20% on its Bitcoin investments. 

Metaplanet’s Bitcoin strategy has also given its stock price a boost. On May 27, 10x Research reported that Metaplanet’s stock trades as if its Bitcoin were worth five times its actual price. The research company said investors in the company are “dramatically overpaying for their Bitcoin exposure.”

Related: Bitcoin treasury pivot lifts luxury watchmaker’s stock more than 60%

Bitcoin Treasury strategy attracts criticism

With the rise of Bitcoin treasury companies’ stock prices, getting Bitcoin exposure through corporate wrappers has attracted criticism from well-known investor Jim Chanos. 

At the Sohn Investment Conference in New York, Chanos said he’s selling Strategy stock to buy Bitcoin. Chanos’ move assumes investors are overpaying for BTC exposure through Strategy and others that follow the blueprint. 

The investor’s move assumes that purchasing Bitcoin directly would be more profitable than purchasing stocks for indirect Bitcoin exposure. 

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White House AI and crypto czar David Sacks says the US could buy more Bitcoin if the government can fund the purchase in a “budget-neutral” way without a tax or adding to the growing national debt.

Sacks told Gemini co-founders Cameron and Tyler Winklevoss during a May 27 fireside chat at the Bitcoin 2025 conference that while he “can’t promise anything,” a pathway does exist for the government to buy more Bitcoin (BTC).

However, it would require convincing Commerce Secretary Howard Lutnick or Treasury Secretary Scott Besson to OK the buy and fund it “without a new tax or adding to the debt,” Sacks said, adding that “maybe by finding the money from some other program that’s not using it — then we could potentially acquire more Bitcoin.”

David Sacks said the US could buy more Bitcoin, but he can’t make any promises. Source: YouTube

“The question is, can we get either the Treasury Department or the Commerce Department to get excited about that because if they do and they can figure out how to fund it, they actually do have presidential authorization,” Sacks said.

US can buy Bitcoin if it doesn’t sting budget 

The March 6 executive order authorizing the creation of a crypto reserve states it will hold any Bitcoin forfeited as part of criminal or civil asset forfeiture.

Sacks noted part of the executive order “allows the government to purchase more”  if it’s “done in a budget-neutral” way.

“Specifically, if either the Commerce Department or the Treasury Department can figure out how to fund it without adding to the debt, then they are allowed to create those programs,” he said.

The US holds approximately 198,012 Bitcoin, according to an April report from CoinGecko, worth over $21 billion at current prices.

Related: Trump supports bill to buy 1 million BTC — Senator Lummis

Most of its holdings came from two seizures connected to the online marketplace Silk Road, one in November 2020 that netted 69,370 Bitcoin, and another in March 2022 that saw authorities seize 51,351 Bitcoin.

The US also seized 94,636 Bitcoin from Bitfinex hacker Ilya Lichtenstein on Jan. 31, 2022, after authorities hacked into his cloud storage account, which contained a file holding around 2,000 crypto wallet addresses and corresponding private keys.

In January, the US Department of Justice received the green light to sell 198,109 Bitcoin. Previously, the government sold a small portion of its holdings in March 2023, when it offloaded 9,861 Bitcoin for $215.7 million. 

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Australia’s markets regulator has filed civil proceedings against Liang “Allan” Guo, the former director of Blockchain Global. 

Guo will face the court on “allegations relating to multiple breaches of his directors’ duties,” the Australian Securities and Investments Commission said in a May 28 press release.

ASIC alleged Guo made multiple breaches of directors’ duties relating to his dealings with ACX Exchange customer funds, and claimed he made false and misleading statements about those dealings and failed to maintain proper books and records. 

The now-liquidated Blockchain Global operated the ACX Exchange from mid-2016 until December 2019, when it collapsed as customers could no longer withdraw their assets. 

During liquidator’s examinations in 2022, the courts were told that ACX exchange took the cash invested by its customers to buy crypto and mingled the funds into one pooled fund, the Sydney Morning Herald reported at the time. 

The liquidators of Blockchain Global estimate that the company owed over 20 million Australian dollars ($12.8 million) in unsecured creditor claims to former customers of the ACX Exchange, ASIC said.

In November 2023, liquidators reported that Blockchain Global had 58.6 million Australian dollars ($37.7 million) owed to unsecured creditors. Of that total, 22.7 million Australian dollars ($14.6 million) were unsecured creditor claims received from former customers of the crypto exchange.

Guo not in country, ASIC says

ASIC said it began investigating Blockchain Global in January 2024 following the liquidators’ report. 

Related: Australia outlines crypto regulation plan, promises action on debanking

Guo was banned from leaving the country as the regulator investigated whether he committed any criminal offences, including transferring money from the collapsed exchange to pay his mortgage.

Guo left Australia in September 2024 after travel restraint orders expired, and he hasn’t returned, it noted. 

Meanwhile, ASIC is seeking the High Court’s permission to appeal a lower court’s ruling in favor of fintech firm Block Earner in a separate case. 

The regulator claimed the crypto company’s fixed-yield earning service was not a financial product.

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A crypto trader has pushed back against claims that altcoin season is already over, arguing that it hasn’t even started yet, as many tokens are still near their local price bottoms.

“I don’t understand why people start claiming that a bear market is around the corner,” MN Trading Capital founder Michaël van de Poppe said in a May 28 X post.

Calls for altcoin season mount

“They are literally on the bottom,” van de Poppe added before stating that the “final easy 12-24 months are coming.” While many altcoins have posted gains over the past 30 days, they remain below their levels from the market uptrend until US President Donald Trump’s inauguration in January.

Solana (SOL) posted 17.84% gains over the past 30 days, trading at $175.17, but is still down 32% since Jan. 19, according to CoinMarketCap. Meanwhile, XRP (XRP) posted gains of 1.98%, trading at $2.31, but is still down 29.35% since Jan. 19.

Solana reached an all-time high of $261 on Jan. 19 amid the launch of the Official Trump coin. Source: CoinMarketCap

Van de Poppe’s claim comes after Bitcoin (BTC) traders have recently been calling for a pullback after it reached its $111,970 all-time high and seven green weekly candles. 

Other analysts have echoed similar sentiments to van de Poppe.

“Soon, Altcoins will turn into a wildfire,” crypto trader Davinci Jeremie said. Meanwhile, crypto trader Moustache said that “altseason isn’t just a meme. It’s coming ladies & gentleman.” 

Related: Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is here

Many crypto market participants believe that the altcoin season will begin after Ether (ETH) has a period of outperformance relative to Bitcoin.

The ETH/BTC ratio is 0.02430, up 26.74% over the past 30 days, according to TradingView data.

The ETH/BTC ratio is up 26.74% over the past 30 days. Source: TradingView

However, CoinMarketCap’s Altcoin Season Index — which tracks the performance of the top 100 altcoins relative to Bitcoin over the past 90 days — still shows the market leaning toward Bitcoin, with a 24 out of 100 score.

Fartcoin (FARTCOIN) led the top 100 cryptocurrencies in gains over the past 90 days with a 316.72% increase, followed by Four (FORM) at 148.15% and Virtuals Protocol (VIRTUAL) at 107.47%.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The International Monetary Fund said it has reached an agreement with El Salvador to pay the country $120 million following an initial review of its $1.4 billion loan agreement struck last year.

The IMF said on May 27 that as part of the deal, El Salvador will need to fulfill its prior obligations around limiting further government involvement in Bitcoin (BTC), and it will have to cease its involvement in the Chivo wallet by the end of July.

“On Bitcoin, efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged,” the global lender said.

The planned payout, subject to IMF executive board approval, is part of a larger $1.4 billion, 40-month loan deal struck in December, which saw El Salvador agree to confine its Bitcoin ambitions.

On March 3, the IMF reiterated its stance that El Salvador should stop accumulating Bitcoin and not pursue other Bitcoin-related activities.

Despite the IMF’s request, El Salvador’s president, Nayib Bukele, has stated that his government will continue to acquire one BTC per day as part of the nation’s Bitcoin treasury strategy.

El Salvador again defies IMF

Shortly after the IMF’s May 27 announcement, El Salvador’s Bitcoin Office posted to X that the country had once again purchased more Bitcoin.

Source: The Bitcoin Office

The country’s official Bitcoin tracker shows that El Salvador is continuing with Bitcoin-buying through the Bitcoin Office, which has accumulated 30 BTC in the past 30 days.

Currently, El Salvador’s Bitcoin reserve stands at 6,190.18 BTC.

Related: How can Bukele still stack Bitcoin after IMF loan agreement?

Last week, Bukele took to the social media platform X to reveal that the nation’s Bitcoin treasury is sitting at an unrealized profit of $386 million, a 132% gain on its total Bitcoin investment.

In April, Rodrigo Valdes, director of the Western Hemisphere Department at the IMF, said that the country is complying with the IMF’s performance criteria.

Author and intergovernmental blockchain adviser Anndy Lian suggested that the country could maintain technical compliance by purchasing Bitcoin through non-government entities.

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The International Monetary Fund said it has reached an agreement with El Salvador to pay the country $120 million following an initial review of its $1.4 billion loan agreement struck last year.

The IMF said on May 27 that as part of the deal, El Salvador will need to fulfill its prior obligations around limiting further government involvement in Bitcoin (BTC), and it will have to cease its involvement in the Chivo wallet by the end of July.

“On Bitcoin, efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged,” the global lender said.

The planned payout, subject to IMF executive board approval, is part of a larger $1.4 billion, 40-month loan deal struck in December, which saw El Salvador agree to confine its Bitcoin ambitions.

On March 3, the IMF reiterated its stance that El Salvador should stop accumulating Bitcoin and not pursue other Bitcoin-related activities.

Despite the IMF’s request, El Salvador’s president, Nayib Bukele, has stated that his government will continue to acquire one BTC per day as part of the nation’s Bitcoin treasury strategy.

El Salvador again defies IMF

Shortly after the IMF’s May 27 announcement, El Salvador’s Bitcoin Office posted to X that the country had once again purchased more Bitcoin.

Source: The Bitcoin Office

The country’s official Bitcoin tracker shows that El Salvador is continuing with Bitcoin-buying through the Bitcoin Office, which has accumulated 30 BTC in the past 30 days.

Currently, El Salvador’s Bitcoin reserve stands at 6,190.18 BTC.

Related: How can Bukele still stack Bitcoin after IMF loan agreement?

Last week, Bukele took to the social media platform X to reveal that the nation’s Bitcoin treasury is sitting at an unrealized profit of $386 million, a 132% gain on its total Bitcoin investment.

In April, Rodrigo Valdes, director of the Western Hemisphere Department at the IMF, said that the country is complying with the IMF’s performance criteria.

Author and intergovernmental blockchain adviser Anndy Lian suggested that the country could maintain technical compliance by purchasing Bitcoin through non-government entities.

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Outgoing US Commodity Futures Trading Commission commissioner Christy Goldsmith Romero says the exodus of the agency’s top brass is “not a great situation” for crypto regulations.

The CFTC could be headed by just one commissioner once the other four depart later this year, which Goldsmith Romero said in a May 27 interview at the Brookings Institution will make creating regulations harder because it leaves a less diverse pool of opinions. 

“I think it’s not a great situation if you have one person who’s determining what the rules should be; you lose the benefit of this back-and-forth, this push-and-pull as to what’s the right thing to do,” she said.

“I’ve always wanted to hear from my fellow commissioners about what makes sense to them, and there are many things that they’ve convinced me of and many things that I’ve convinced them of, so I think it does a disservice to regulation.”

Christy Goldsmith Romero said that four CFTC commissioners departing is not ideal because it leaves a less diverse pool of opinions. Source: YouTube

Goldsmith Romero’s last day will be May 31, leaving Commissioner Kristin Johnson as the CFTC’s sole Democrat, who has also announced plans to depart the agency before 2026. 

Republican Commissioner Summer Mersinger is also leaving on May 30 to join the crypto advocacy organization the Blockchain Association as CEO and Republican acting CFTC Chair Caroline Pham said on May 15 that she plans to move “to the private sector” if Brian Quintenz were to be confirmed head of the agency.

If Quintenz is confirmed, and Pham follows through on leaving, it would leave him solely in charge of the agency. Five commissioners are supposed to make up the CFTC, and no more than three can be from the same political party.

Goldsmith Romero said that during her tenure, all the commissioners had different perspectives and experiences that, when brought together, were “really helpful.”

“So what happens if the CFTC gets down to one and gets new authority for crypto? It’s going to be really, really hard; you’re not going to have the same push and pull,” she said.

The Trump administration has floated the idea of handing the reins of crypto regulation to the CFTC in the past. Congressional Republicans have also been drafting bills to give the CFTC greater oversight over the industry, 

Retail customer Definition should be CFTC priority 

In the future, Goldsmith Romero thinks the CFTC should work on defining a retail customer to ensure the influx of fresh investments in “crypto and some other products” has a similar retail customer protection regime to the Securities and Exchange Commission.

Related: Crypto perp futures coming ‘very soon,’ says CFTC’s Mersinger

“I came from the SEC with an investor protection regime, you want people to know their rights and risk if they take a risk and they lose that’s on them,” she said.

“But you want to have some basic things like exchanges that are registered that have some basic requirements and have to follow the law and this is, I think, the main thing that needs to happen.”

Goldsmith Romero said other “extremely basic” rules could include a ban against co-mingling a company’s assets with customer funds, and brokers, exchanges and clearing houses being required to register with the SEC, the CFTC or in some cases, both.

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