Crypto investment platform Bitpanda reported a 16% year-on-year increase in its adjusted 2025 revenue, reaching €371 million (approximately $430 million). This growth occurred alongside a 25% rise in registered users, bringing its total user base to 7.4 million. The Vienna-based firm's expansion was driven by a strategic push into multi-asset trading and white-label B2B infrastructure for banks and fintechs.
A significant regulatory milestone was the acquisition of a Markets in Crypto-Assets (MiCA) license. This EU-wide authorization provides Bitpanda with a passportable framework to operate across the bloc, coinciding with the enforcement of Europe's new crypto regulatory regime. The company also holds dedicated crypto licenses in the UK and the UAE, establishing regulated footholds in both mature and high-growth markets.
Despite the revenue growth, the company's financials revealed increased spending on compliance and expansion. Adjusted EBITDA fell by approximately 75% to around €13 million in 2025, reflecting heavier investments in product development, regulatory compliance, and international growth. Analysts note this pattern is typical for platforms prioritizing licensing and infrastructure.
Bitpanda's MiCA authorization was secured through approvals from Germany's Federal Financial Supervisory Authority (BaFin), as well as local supervisors in Austria and Malta. The leadership frames MiCA as a catalyst for banks to expand crypto services, potentially accelerating distribution in Europe under unified rules. However, independent research, such as the Europe Crypto Report 2025 by Coincub, highlights that "MiCA has significantly increased licensing and compliance costs."
Separately, an internal audit flagged information security and documentation issues at Bitpanda's German unit, which may lead to heightened oversight by BaFin and additional remediation work. The company's trajectory is seen as indicative of the post-FTX industry's shift towards greater emphasis on regulation, geography, and institutional partnerships over pure retail speculation.
