Bitpanda company profile: valuation, funding & revenue

This Bitpanda company profile covers the company's valuation, revenue, funding rounds, investors and history. Bitpanda works in fintech, with a focus on crypto and multi-asset investing platform. It was founded in 2014 and is headquartered in Vienna, Austria. Its latest valuation on record is US$4.1 billion (August 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

€371 million adjusted revenue, up 16% — Adjusted revenue, 2025 (company-reported), as of FY2025. Source: Finance Magnates.

Funding history

Bitpanda timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2014 — Bitpanda is founded in Vienna by Eric Demuth, Paul Klanschek and Christian Trummer.
• Mar 2021 — Series B: US$170M, valuing the company at US$1.2B. Investors: Valar Ventures (lead).
• Aug 2021 — Series C: US$263M, valuing the company at US$4.1B. Investors: Valar Ventures (lead); Alan Howard, REDO Ventures, LeadBlock Partners, Jump Capital.
• FY2025 — Adjusted EBITDA: €13 million, down 75% from €52 million.
• September 2026 — IPO: Frankfurt listing reportedly prepared at €4–5 billion, then paused due to market conditions.

Investors

Overview

Bitpanda is a European investing platform that started with cryptocurrencies and expanded into shares, ETFs, precious metals and commodities. Retail customers buy and sell through its app, often in small amounts and through recurring savings plans. It also runs a growing business-to-business arm that provides crypto and investing infrastructure to banks and fintechs, which use Bitpanda's technology and licences to offer investing to their own customers.

Eric Demuth, Paul Klanschek and Christian Trummer founded Bitpanda in Vienna in 2014. Demuth, a long-time CEO, became executive chairman in November 2025. Bitpanda grew into Austria's best-known startup and one of Europe's largest crypto platforms, backed by Peter Thiel's Valar Ventures.

How Bitpanda makes money

Bitpanda earns mostly from spreads and fees when customers buy and sell assets, especially crypto. Its income therefore rises and falls with trading activity, which tends to follow crypto prices: when prices rise sharply, more people trade, and revenue jumps. To reduce that volatility, it has added non-crypto assets, savings plans and staking, and expanded its business-to-business infrastructure, where banks and fintechs pay for technology and services.

2025 results

For 2025, Bitpanda reported adjusted revenue of €371 million, up 16%, while adjusted EBITDA fell 75% to €13 million from €52 million. The company attributed the drop to higher spending on product development, regulatory expansion and international growth. That's a common trade-off: investing ahead of growth reduces short-term profit.

Funding history

• March 2021, Series B: US$170 million led by Valar Ventures at a US$1.2 billion valuation, making Bitpanda Austria's first unicorn.
• August 2021, Series C: US$263 million led by Valar Ventures, with Alan Howard, REDO Ventures, LeadBlock Partners and Jump Capital, at a US$4.1 billion valuation, more than triple its value five months earlier.

Those rounds came at the height of the 2021 crypto boom. The crypto market crashed in 2022, and Bitpanda cut staff, but it remained in business and later recovered as crypto prices rose again.

The IPO and leadership change

In January 2026, Bloomberg reported that Bitpanda was preparing a Frankfurt IPO for the first half of 2026 at a valuation of €4 billion to €5 billion, with Goldman Sachs, Citigroup and Deutsche Bank as arrangers. The company only confirmed that an IPO was one option. Later, it put the listing on hold because of market conditions; CEO Lukas Enzersdorfer-Konrad said the company was "ready" but needed the right timing. In September 2026, Bitpanda said Enzersdorfer-Konrad would step down in early 2027 to join Erste Group, and co-founder Christian Trummer became co-CEO while the board searches for a successor.

Regulation

Bitpanda holds licences across Europe and was one of the first platforms authorised under the EU's Markets in Crypto-Assets Regulation (MiCA), which created a single rulebook for crypto services. Regulation is both a cost and an advantage: it requires significant investment in compliance, but it also allows licensed firms to serve customers across the EU and to partner with banks that need regulated providers. In 2026, Austria's financial regulator fined Bitpanda €70,000 over MiCA disclosure and marketing breaches; the fine didn't affect its licence.

Competitive landscape

Bitpanda competes with global crypto exchanges such as Coinbase, Binance and Kraken, European neo-brokers such as Trade Republic and Scalable Capital that also offer crypto, and apps like Revolut. Its advantages are European licences, a multi-asset product and its business-to-business infrastructure.

What to watch next

Watch the CEO succession, the timing of any IPO, growth of the B2B business, profitability as spending stabilises, and crypto market conditions.

Key facts at a glance

Bitpanda is a Vienna investing platform founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer. It reported €371 million in adjusted revenue and €13 million in adjusted EBITDA for 2025. It was valued at US$4.1 billion in a US$263 million Series C led by Valar Ventures in August 2021, and paused a planned Frankfurt IPO in 2026.

Why crypto revenue is cyclical

Crypto trading platforms' revenue tends to follow the market. When prices rise, new customers sign up and existing ones trade more; when prices fall, activity drops sharply. A platform can see revenue double or halve within a year for reasons largely outside its control. That makes valuation tricky: investors try to estimate average earnings across a cycle rather than peak or trough figures. Diversifying into stocks, savings plans and B2B services is how platforms like Bitpanda try to smooth the cycle.

Private valuations versus IPO pricing

Bitpanda's reported IPO range of €4–5 billion is close to its 2021 private valuation of US$4.1 billion, even though revenue has grown since. That pattern reflects how public markets value fintech and crypto companies more conservatively than 2021 private investors did. See our guide to down rounds for how lower valuations affect shareholders.

The business-to-business opportunity

Many European banks want to offer crypto and low-cost investing to their customers but don't want to build the technology, custody systems and compliance processes themselves. Bitpanda's infrastructure business lets them plug into its platform and licences, offering investing under their own brand while Bitpanda handles execution and safekeeping in the background. For Bitpanda, these partnerships bring access to millions of potential customers through trusted institutions, and revenue that is less dependent on its own marketing. They also tend to involve longer contracts, which helps smooth the ups and downs of retail trading. The hiring of its departing CEO by Erste Group, one of central Europe's largest banks, underlines how closely the worlds of traditional banking and crypto infrastructure have become linked.

Questions to ask before using a crypto platform

• Is the platform licensed under MiCA or national rules in your country?
• How are customer assets held, and are they separated from the company's own funds?
• What are the real costs once spreads are included, not just stated fees?

What this means if you're…

A European investor: check a crypto platform's licences, custody arrangements and total costs, including spreads.

A bank or fintech: white-label investing infrastructure can let you offer crypto and other assets without building it yourself.

An investor: judge crypto platforms on earnings across the cycle and on their non-crypto revenue.

Latest developments (October 2026)

In January 2026 Bloomberg reported that Bitpanda was preparing to list on the Frankfurt Stock Exchange as early as the first half of 2026, targeting a valuation of €4 billion to €5 billion with Goldman Sachs, Citigroup and Deutsche Bank, according to The Block. We found no confirmation that a listing had taken place by October 2026, and the company had not confirmed the plans. Its last priced private round remains the 2021 round at US$4.1 billion.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. TechCrunch
2. Finance Magnates