Bitpanda eyes market expansion as it hits record profitability

Crypto exchange Bitpanda just posted its strongest financial year on record, more than doubling revenue as partnerships and regulated offerings drive growth.

According to a press release shared with crypto.news, the Vienna-based crypto platform reported $426 million in operating revenue for 2024, up from the $163 million recorded the year prior. 

The company said the figure marks a milestone in profitability and scalability, making 2024 its most successful year since launch. Bitpanda’s numbers surpass the likes of market leaders like Coinbase and Binance, which respectively notched 115% and 40% over the same period, according to Yahoo Finance data.

In terms of trading volume, the exchange total recorded a surge of 223% in the second quarter of 2024 alone, with a 113% spike in new user registrations compared to Q2 2023.

The surge built on momentum already surrounding the exchange. Kaiko Research noted that growing regulatory pressure in the U.S. throughout 2023 had pushed more users toward global alternatives, with EU-based platforms like Bitpanda seeing a noticeable boost in activity since then.

Despite the uptick, however, Bitpanda still trails behind major exchanges in scale. Coinbase pulled in $6.6 billion in revenue last year, with $3.3 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), making an efficiency margin of 50%. Bitpanda, by contrast, ended the year with a 30% EBITDA margin, suggesting stronger cost controls but a smaller operational footprint.

Commenting on the year’s growth, Bitpanda CEO and co-founder Eric Demuth said the results serve as testament to its focus, adding that the momentum sets the stage for further growth.

“2024 was our strongest year yet, both in terms of delivery and financial performance,” said the CEO in the statement, adding that the exchange is now positioned to grow even further in 2025.

Partnerships and permits drive Bitpanda growth

Bitpanda said its revenue growth was fueled by a combination of regulated product offerings, market expansion, and a wave of institutional partnerships. These include ties with traditional financial institutions and deals with various banking giants, including its 2024 partnership with Germany’s Deutsche Bank to process fiat transfers.

New market entries also contributed to the jump in revenue, with the exchange expanding its regulatory footprint by acquiring licenses in several jurisdictions, including the UAE and the EU, as previously reported by crypto.news.

Looking ahead, Bitpanda now plans to expand further across the EU and UK in the near future. With its already acquired MiCA license and regulatory approval from the UK’s Financial Conduct Authority, it aims to grow its offerings across untapped markets in these regions while focusing on regulated, long-term growth.