Vienna – Bitpanda, the Vienna-based cryptocurrency trading platform, reported a 16 percent increase in revenue to 371 million euros for fiscal year 2025, but saw its adjusted EBITDA plummet by 75 percent to 13 million euros, according to company results released today.
The significant drop in profitability is attributed to strategic investments in product development, regulatory expansion, and international growth, Bitpanda stated. Revenue in 2024 was 321 million euros. The company is preparing for a potential initial public offering (IPO) in 2026, possibly in Frankfurt, and has adjusted its reporting practices accordingly.
Bitpanda’s user base grew substantially, increasing from 5.9 million registered users at the end of 2024 to 7.4 million by the end of 2025 – a rise of approximately 25 percent. The company similarly reported growth in its business-to-business (B2B) segment, with the number of active institutional partners in Europe increasing from 9 to 16.
The 2025 financial results arrive after a strong year for the cryptocurrency market overall. Bitcoin reached an all-time high of $126,000 in October 2025, and the crypto market benefited from a supportive stance from US President Trump, according to the company.
Despite the revenue growth, the decline in EBITDA from 52 million euros in 2024 to 13 million euros in 2025 represents a substantial shift in the company’s financial performance. Bitpanda has not yet commented on the specific impact of these investments on its projected valuation for the upcoming IPO, which is currently estimated in the range of 4 to 5 billion euros.
