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.
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."
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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.
