According to CoinDesk, Sygnum Bank has announced its first half-year profit, driven by a significant increase in crypto spot and derivatives trading. The Swiss bank, based in Zurich, attributed the profit to the U.S. debut of bitcoin exchange-traded funds (ETFs) and the anticipation of ether ETF approvals, which boosted trading volumes and expanded other business areas. Although the exact profit figure was not disclosed, the bank reported that first-half spot crypto trading volume doubled compared to the previous year, while crypto derivatives volume surged by 500%. Additionally, a $40 million fundraise in January increased the bank's core equity capital to approximately $125 million.

Sygnum Bank, which holds licenses in Luxembourg, Singapore, and Switzerland, is planning to expand its operations into the European Union and Hong Kong in the coming months. The bank aims to acquire new licenses in Europe under the Markets in Crypto Assets (MiCA) regulations, which recently came into effect, providing a unified regulatory framework across the 27-nation trading bloc. The expansion into Hong Kong will also focus on regulated operations, further broadening Sygnum's global footprint in the crypto market.