CoinShares buys stake in Swiss online bank FlowBank for $26.5 million

The digital asset manager CoinShares, for 24.74 million CHF (~$26.5 million), acquired a 20.8% stake in FlowBank, a regulated Swiss online bank.

[1/5] We are excited to announce we’ve increased our stake in @FlowBank_SA, the Swiss online bank targeting trading enthusiasts, facilitating increased digital asset exposure through our proprietary technology platform. pic.twitter.com/7Pki6OzfLb

— CoinShares 👩‍🚀 (@CoinSharesCo) March 14, 2022

The deal was approved by FINMA, the Swiss Financial Market Supervisory Authority, whose license is held by the financial institution.

Together with previous strategic investments made in October 2021, the company increased its FlowBank stake to 29.3%, with a voting rights stake of 32.06%.

As a result of the deal, CoinShares CEO Jean-Marie Mognetti will join the bank’s board of directors.

Through its stake in FlowBank, the company aims to broaden access to digital assets for institutional investors via the bank’s clients. Partners use CoinShares’ patented Galata technology platform, which serves as a gateway to the cryptocurrency ecosystem.

The Jersey-registered company is a provider of a number of cryptocurrency ETP, traded on European venues Euronext, Xetra Exchange and Six Swiss.

“Today FlowBank clients can invest in cryptocurrencies through CoinShares CFDs and thereby access digital assets. This is only the beginning. We look forward to further cooperation, and together we will take our product offering to a new level,” said the bank’s founder and CEO Charles-Henri Sabe.

In December 2021, CoinShares acquired the French fintech Napoleon Crypto for €13.9m ($15.7m).