More details are emerging about BitcoinVIPBank out of the Cayman Islands. In Early March 2021 the bank was asked by several institutional traders to consider going public. Rumor on the street is that they might go public via the new popular SPAC method.

From a preliminary filing we learned that they currently serve almost 2500 customers, a lot less than some expected. However, since they only work with high net-worth clients, that number could represent a significant amount of bitcoin. By some estimates they manage over $45 billion worth of bitcoin (the recent price drop could cut that estimate in half).

Founded in 2016, the bank only started to gain some publicity in 2021 after a bitcoin credit card they issued was used at an auction to buy a $13 million dollar painting.

At a private event in Camana Bay, another customer used their bitcoin card to buy a villa. The final price was just shy of $4 million dollars.

Currently 850 luxury stores and merchants accept the card and that list is only available to clients. The bank will have to share a lot more information if they go forward with their public offering.

In May 2022 the bank announced that they are currently not accepting new clients and will resume accepting new customers once they open additional offices sometime in late 2022 or early 2023.

The banks contact information (for existing customers):

Bitcoin VIP Bank

1-888-BTC-1877
1-888-282-1877