Bitpanda: 2025 Revenue Grew 16% but EBITDA Has Fallen 75%, Ahead of Expected 2026 IPO
The investment platform Bitpanda, headquartered in Vienna, released its business results for 2025 today. While the company recorded solid revenue growth, operating profit declined significantly compared to the previous year. The company attributes this to strategic investments in product development and international expansion.
As reported multiple times, Bitpanda is planning an IPO in 2026, possibly in Frankfurt. The company has already adjusted its reporting accordingly. The stock market listing could be in the range of 4 to 5 billion euros. 2025 was overall a strong year for the crypto industry: Bitcoin reached an all-time high of 126,000 dollars in October 2025, and US President Trump has acted very crypto-friendly (also for his own benefit).
Revenue development and EBITDA in comparison
Bitpanda’s adjusted revenue rose by 16 percent to 371 million euros in fiscal year 2025, compared to 321 million euros in 2024. However, adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) developed quite differently.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Adjusted Revenue | 321 million € | 371 million € | +16% |
| Adjusted EBITDA | 52 million € | 13 million € | -75% |
Adjusted EBITDA fell from 52 million euros in 2024 to 13 million euros in 2025. This represents a decline of 75 percent. According to the company, this development reflects targeted investments to accelerate product development, regulatory expansion, and international growth.
Growth in user numbers
In the user base area, Bitpanda recorded significant increases. The number of registered users rose from 5.9 million at the end of 2024 to 7.4 million by the end of 2025. This corresponds to growth of approximately 25 percent within one year.
The company also expanded in the B2B segment: the number of active institutional partners in Europe grew from 9 to 16. Additionally, Bitpanda added significant institutions in the United Arab Emirates and entered the markets of Latin America (LATAM) and Asia-Pacific (APAC). In the United Kingdom, the company launched its offering for retail customers.
Product expansions and new features
In 2025, Bitpanda significantly expanded its product portfolio. Key innovations include:
- Introduction of margin trading for more than 100 crypto assets
- Expansion of offerings to over 650 digital assets
- Staking opportunities for more than 50 assets
- Launch of a Web3 wallet to expand on-chain capabilities
Management outlook
“2025 was a year of ambitious acceleration. We achieved strong revenue growth while making targeted strategic investments to position Bitpanda as a multi-asset investment and trading platform as well as a growing provider of market infrastructure”, commented CEO Lukas Enzersdorfer-Konrad.
CFO Jonas Larsen added that strategic investments in platform capabilities, regulatory presence, and international expansion are intended to strengthen competitive positioning, while maintaining a focus on disciplined execution.
