Bitpanda
reported €371 million ($430 million) in adjusted revenue for fiscal year 2025,
a 16% gain from the year before, as the Vienna-based crypto broker added users
and stretched its product lineup.
Profitability,
however, told a different story: adjusted EBITDA came in at €13 million, down
from €52 million in 2024, a decline the company described as the result of
deliberate investment in growth rather than any softening in the underlying
business.
Bitpanda’s EBITDA Drops as
the Firm Invests for Scale
The profit
pullback stands in sharp contrast to 2024, when Bitpanda posted what it called
its strongest financial performance to date, generating €393 million in
operating revenue and pushing its EBITDA margin above 30%.
For 2025,
the company said it absorbed higher costs across product development,
regulatory expansion, and international growth.
Lukas Enzersdorfer-Konrad, Source: LinkedIn
CEO Lukas
Enzersdorfer-Konrad said the firm delivered “strong top-line growth while
making deliberate, strategic investments to position Bitpanda as a multi-asset
investment and trading platform and an expanding market infrastructure
provider.”
CFO Jonas
Larsen added that the results demonstrated “the resilience and scalability
of our business model.”
User Base Grows, B2B
Roster Nearly Doubles
Registered
users rose 25% from 5.9 million in 2024 to 7.4 million by year-end 2025, the
company said. On the institutional side, Bitpanda said its active B2B partner
base grew from nine to 16 financial institutions across Europe, firms that
integrate the company’s infrastructure under white-label arrangements to offer
digital asset services to their own customers.
The
platform also broadened its marketing presence in European sport during the
year. Bitpanda became FC
Basel’s shirt sponsor from the 2025-2026 football season, a club with a potential Champions
League berth on the horizon. Around the same time, the company signed a
French tennis player as a brand ambassador ahead of the French Open, a tournament
that drew a television audience of approximately 318 million viewers in 2024.
Product Roster Stretches
Past 650 Assets
During
2025, Bitpanda said it added margin trading for more than 100 crypto assets,
brought its total digital asset catalog past 650 items, and enabled staking for
more than 50 assets. The company also launched a web3 wallet, which it said is
intended to strengthen its onchain capabilities.
The
expanded product range feeds into the company’s stated goal of repositioning
itself as a multi-asset platform, a framing it pushed publicly ahead of a
potential listing.
In January
2026, reports emerged that Bitpanda was targeting a
Frankfurt stock exchange debut in the first half of 2026, with a valuation target of between
€4 billion and €5 billion and Goldman Sachs, Citigroup, and Deutsche Bank lined
up as underwriters.
Regulatory Footprint
Reaches Three Continents
On the
licensing front, Bitpanda said it obtained an EU-wide MiCA license during the
year, which the company says allows it to operate under a single unified
framework across the bloc’s 27 member states, just as Europe’s new crypto
regime formally takes hold. The firm also holds a crypto license from the UK’s
Financial Conduct Authority and a full broker-dealer license from Dubai’s
Virtual Assets Regulatory Authority.
Bitpanda secured that
UAE license in early 2025, its first fully licensed operation outside Europe, enabling the firm
to offer more than 500 cryptocurrencies, crypto indices, and savings plans to
UAE investors.
The company
said it also pushed into Latin America and the Asia-Pacific region during the
year, though it did not break out specific figures or timelines for those
markets.
Bitpanda
reported €371 million ($430 million) in adjusted revenue for fiscal year 2025,
a 16% gain from the year before, as the Vienna-based crypto broker added users
and stretched its product lineup.
Profitability,
however, told a different story: adjusted EBITDA came in at €13 million, down
from €52 million in 2024, a decline the company described as the result of
deliberate investment in growth rather than any softening in the underlying
business.
Bitpanda’s EBITDA Drops as
the Firm Invests for Scale
The profit
pullback stands in sharp contrast to 2024, when Bitpanda posted what it called
its strongest financial performance to date, generating €393 million in
operating revenue and pushing its EBITDA margin above 30%.
For 2025,
the company said it absorbed higher costs across product development,
regulatory expansion, and international growth.
Lukas Enzersdorfer-Konrad, Source: LinkedIn
CEO Lukas
Enzersdorfer-Konrad said the firm delivered “strong top-line growth while
making deliberate, strategic investments to position Bitpanda as a multi-asset
investment and trading platform and an expanding market infrastructure
provider.”
CFO Jonas
Larsen added that the results demonstrated “the resilience and scalability
of our business model.”
User Base Grows, B2B
Roster Nearly Doubles
Registered
users rose 25% from 5.9 million in 2024 to 7.4 million by year-end 2025, the
company said. On the institutional side, Bitpanda said its active B2B partner
base grew from nine to 16 financial institutions across Europe, firms that
integrate the company’s infrastructure under white-label arrangements to offer
digital asset services to their own customers.
The
platform also broadened its marketing presence in European sport during the
year. Bitpanda became FC
Basel’s shirt sponsor from the 2025-2026 football season, a club with a potential Champions
League berth on the horizon. Around the same time, the company signed a
French tennis player as a brand ambassador ahead of the French Open, a tournament
that drew a television audience of approximately 318 million viewers in 2024.
Product Roster Stretches
Past 650 Assets
During
2025, Bitpanda said it added margin trading for more than 100 crypto assets,
brought its total digital asset catalog past 650 items, and enabled staking for
more than 50 assets. The company also launched a web3 wallet, which it said is
intended to strengthen its onchain capabilities.
The
expanded product range feeds into the company’s stated goal of repositioning
itself as a multi-asset platform, a framing it pushed publicly ahead of a
potential listing.
In January
2026, reports emerged that Bitpanda was targeting a
Frankfurt stock exchange debut in the first half of 2026, with a valuation target of between
€4 billion and €5 billion and Goldman Sachs, Citigroup, and Deutsche Bank lined
up as underwriters.
Regulatory Footprint
Reaches Three Continents
On the
licensing front, Bitpanda said it obtained an EU-wide MiCA license during the
year, which the company says allows it to operate under a single unified
framework across the bloc’s 27 member states, just as Europe’s new crypto
regime formally takes hold. The firm also holds a crypto license from the UK’s
Financial Conduct Authority and a full broker-dealer license from Dubai’s
Virtual Assets Regulatory Authority.
Bitpanda secured that
UAE license in early 2025, its first fully licensed operation outside Europe, enabling the firm
to offer more than 500 cryptocurrencies, crypto indices, and savings plans to
UAE investors.
The company
said it also pushed into Latin America and the Asia-Pacific region during the
year, though it did not break out specific figures or timelines for those
markets.
