Bitpanda, Europe’s leading crypto exchange, has reported a remarkable quarter of growth, with revenue for Q1 FY ’24 surpassing €100 million.
This achievement comes on the heels of a series of milestones driven by an ambitious new strategy implemented throughout 2022 and 2023.
TLDR
- Bitpanda achieved profitability in Financial Year ’23 with a net revenue of €147.6 million and earnings before tax of €13.6 million.
- Revenues for Q1 FY ’24 exceeded €100 million and are expected to further increase compared to 2023, delivering significant profitability.
- Bitpanda invested in its product and efficiency throughout FY ’22 and FY ’23, demonstrating scalability and a constant cost base.
- Increasing market share across Europe for the Broker (B2C) and expansion of the B2B infrastructure offering via Bitpanda Technology Solutions contributed to the results.
- Bitpanda launched new products, obtained new licenses, and formed industry-leading partnerships with institutions like Visa, N26, LBBW, and Raiffeisen.
The Vienna-based company, founded in 2014, has solidified its position as a market leader in the European crypto space by launching several new products on its broker platform, obtaining licenses from major regulators such as BaFin, relaunching its B2B-focused whitelabel solution (Bitpanda Technology Solutions), and forging industry-leading partnerships with well-known institutions like Visa, N26, LBBW, and Raiffeisen.
CEO and founder Eric Demuth emphasized that Bitpanda is now more cost-efficient than ever and has the best possible setup for further scaling.
The infrastructure built since 2022 has begun to bear fruit, allowing the company to deliver results regardless of market sentiment at a constant cost base.
Demuth noted that Bitpanda can withstand long bear markets and scale significantly with high-profit margins in bull markets, stating that the company is in its best shape ever, with 2024 potentially being the most profitable year in its decade-long history.
The company’s top-line growth was driven by increased revenues through the diversification of its product and service offerings, as well as by markedly increasing its market share.
Additionally, the expansion of its B2B infrastructure offering via Bitpanda Technology Solutions helped strengthen its leading position in the digital asset industry.
Bitpanda, which first reported profitability in 2016 just two years after its founding, has always prioritized financially sustainable growth.
When faced with challenging market conditions in 2022, the company’s leadership took measures to significantly increase efficiency, cut costs, and launch new products and services for both the B2C and B2B sides of the business.
Within a single year, Bitpanda returned to profitability in FY ’23, with revenues growing to €147.6 million and Earnings Before Tax reported as €13.6 million.
CFO Jonas Larsen attributed the rapid return to profitability to operational excellence, scalability initiatives, strict cost management, and smart spending, combined with a steadily growing top line.
Larsen expressed confidence that 2024 has a great opportunity to be Bitpanda’s best-performing year in the company’s history.
