Crypto Firm Raises Stake in Swiss Bank in $26.5 Million Tie-Up

CoinShares International Ltd. has increased its stake in Swiss-based online bank FlowBank SA, to 29.3% of the business in a 24.7 million franc ($26.5 million) transaction.

The tie-up makes the digital asset investment firm a joint controlling shareholder alongside FlowBank Chief Executive Officer Charles Henri Sabet, a spokesperson said, with voting rights equal to 32.06%. Its previous stake was equal to 9.02%, acquired for $11.9 million in October.

CoinShares, which manages financial and crypto-based exchange-traded products on bourses across Europe, said FlowBank will use its Galata product to connect the bank to digital asset protocols and markets as part of the deal. CoinShares’ Chief Executive Officer Jean-Marie Mognetti will also join FlowBank’s board of directors to advise the firm on its crypto strategy.

“FlowBank’s clients can invest in CoinShares’ crypto on CFDs and gain exposure to digital currencies in this way,” Sabet said in a statement.