Bitpanda Eyes Record 2024 Profit, €148M Revenue Surge

Bitpanda eyes record profit in 2024 with €100M Q1 revenue, rebounding from €130M loss, buoyed by strategic bank partnerships.

By Bill Bullington

5/16, 05:58 EDT
Bitcoin / U.S. dollar

Key Takeaway

  • Bitpanda forecasts a record profit in 2024, driven by bank partnerships and a digital-asset rally, after a profitable €13.6 million in 2023.
  • Revenue soared to €148 million in 2023, with over €100 million already achieved in the first quarter of 2024.
  • Despite crypto market volatility, Bitpanda benefits from robust trading activity and an efficient cost structure.

Bitpanda's Remarkable Turnaround

Bitpanda GmbH, the cryptocurrency brokerage firm with backing from billionaire Peter Thiel, is on track to achieve a record profit this year, a significant turnaround from its previous financial struggles. In 2023, the company reported net sales of €148 million ($160 million), and in just the first quarter of 2024, it has already surpassed €100 million in business. This surge in revenue comes after a challenging period in 2022 when Bitpanda faced more than €130 million in losses. The company's pre-tax profit for last year was €13.6 million, marking a substantial recovery. This financial rebound is attributed to a combination of factors, including a resurgence in crypto asset trading, a more efficient cost structure, and strategic partnerships with banks to expand its investment services.

Strategic Banking Partnerships

A key component of Bitpanda's success has been its ability to forge significant partnerships with reputable banking institutions. Among its partners are N26, Landesbank Baden-Wuerttemberg, and Raiffeisenlandesbank Niederoesterreich-Wien. These collaborations have enabled Bitpanda to broaden its service offerings and tap into a wider customer base, contributing to its robust business growth. By integrating with these banks, Bitpanda has positioned itself as a bridge between traditional financial services and the burgeoning world of digital assets, appealing to both seasoned crypto investors and newcomers to the market.

Navigating Market Volatility

Despite facing a volatile crypto market, Bitpanda's performance has been resilient. The company's CEO, Eric Demuth, expressed confidence in Bitpanda's ability to weather bear markets and capitalize on bull markets with high profit margins. This statement comes in the wake of a five-month rally that saw Bitcoin's value triple, followed by a decline in trading volumes across crypto exchanges in April—the first drop in seven months, as reported by CCData. Bitpanda's optimistic outlook and strategic adaptability underscore its preparedness to navigate the cyclical nature of the crypto market and leverage opportunities for growth.

Management Quotes

  • Eric Demuth, CEO of Bitpanda:

    "We can withstand long bear markets and scale significantly with high profit margin in bull markets."