TLDR
- Sygnum Bank Raises $58M in Oversubscribed Strategic Growth Round, Reaches $1B+ Valuation, Achieves Unicorn Status
- Bitcoin-focused VC firm Fulgur Ventures led the funding as a cornerstone investor, with participation from new and existing investors
- The bank plans to expand into the EU/EEA and Hong Kong markets while improving its Bitcoin services
- Sygnum reported strong growth in 2024, with crypto trading revenue exceeding the previous year’s total by Q3
- The bank aims to use the funding for market expansion, product development and potential acquisitions
Swiss Digital Asset Bank Sygnum has raised $58 million in a strategic growth roundpushing its valuation past $1 billion and earning it unicorn status. The funding round, announced on January 14, 2025, was oversubscribed and led by Bitcoin-focused venture capital firm Fulgur Ventures as a cornerstone investor.
Founded in 2018, the Zug and Singapore-based bank attracted participation from both new and existing investors, including members of the Sygnum team. This latest round of funding builds on the company’s previous valuation of $900 million, which it achieved after raising $40 million last year.
📣 News: Sygnum Completes $58M Strategic Growth Round, Achieves Unicorn Status With $1B Valuation https://t.co/2bZnlcM6TW
Sygnum announces that it has raised a total of $58 million in its oversubscribed strategic growth round, giving it a post-money valuation of more than 1…
— Sygnum Bank (@sygnumofficial) 14 January 2025
Mathias Imbach, Sygnum’s CEO, highlighted the achievement as a market validation of the bank’s business model and strategy.
“While it is an achievement we are very proud of, it will not change the values of integrity and humility, and the importance of showing confidence without attitude at all times, which have acted as our true north since day one,” Imbach stated.
The bank reported strong earnings statistics for 2024, with trading revenue from cryptocurrency spot and derivatives products surpassing the previous year’s total in the third quarter. Annual trading activity showed a marked increase, rising by more than 1,000% year-on-year.
Currently holds licenses in Switzerland, Singapore and Luxembourg, Sygnum has outlined clear plans for use of its new capital. The bank intends to strengthen its presence in the markets within the European Union and the European Economic Area (EU/EEA) while establishing a regulated presence in Hong Kong.
Product development is another key area of focus for the funding, with particular emphasis on expanding Bitcoin-related services. The bank has positioned itself to capitalize on the growing institutional interest in cryptocurrency markets.
In its December 2024 research report, Sygnum noted that many large institutional investors have yet to enter the cryptocurrency ecosystem. This observation led the bank to suggest potential opportunities for price appreciation as these large investors begin to participate in the market.
The bank’s analysis also pointed to a change in market dynamics, predicting that Bitcoin may take center stage in future market cycles. Unlike previous bull runs, Sygnum expects alternative cryptocurrencies to play a less prominent role, in part due to the introduction of spot-Bitcoin exchange-traded funds.
The oversubscribed nature of the financing round strongly indicates investor confidence in Sygnum’s business model and growth prospects. The bank’s ability to attract capital under different market conditions demonstrates resilience in its operational strategy.
Sygnum’s growth trajectory is in line with the increasing institutional adoption of digital assets. The bank’s regulated status in multiple jurisdictions positions it to act as a bridge between traditional finance and the cryptocurrency sector.
The expansion into Hong Kong represents a strategic step to take advantage of opportunities in the Asian market. This geographic diversification can help Sygnum take advantage of different regulations and market conditions.
Looking at operational metrics, Sygnum’s growth in trading volume indicates increased activity among its customer base. The thousand-fold increase in annual closings points to increasing demand for regulated digital asset banking services.
The participation of Fulgur Ventures, a Bitcoin-focused investment firm, is in line with Sygnum’s plans to enhance its Bitcoin-related offerings. This strategic partnership could support the bank’s product development initiatives.
Team members’ participation in the financing round shows internal confidence in the bank’s direction. This alignment between management and corporate strategy often serves as a positive indicator for investors.
The latest funding announcement comes as Sygnum continues to expand its institutional banking services. The bank remains focused on providing regulated access to digital asset markets while maintaining compliance with relevant banking standards.
