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.

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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.

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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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