Data shows revenue up 16% and users grew, but adjusted EBITDA fell on EU expansion and compliance costs — Bitpanda revenue 2025, MiCA license, MiCA passporting
Data shows revenue up 16% and users grew, but adjusted EBITDA fell on EU expansion and compliance costs — Bitpanda revenue 2025, MiCA license, MiCA passporting
What to Know:
Bitpanda’s adjusted revenue in 2025 reached approximately €371 million, up about 16% year over year, based on data from RootData. Registered users rose roughly 25% to 7.4 million.
Despite higher revenue, adjusted EBITDA fell about 75% to around €13 million in 2025, as reported by Archyde. The decline reflects heavier spending on product development, regulatory compliance, and international expansion.
The mix suggests scale returned with market demand, while margins compressed to meet new regulatory obligations. This pattern is typical when platforms prioritize licensing and infrastructure ahead of broader distribution.
MiCA is the EU’s regime for crypto-asset service providers, enabling authorization that can be passported across member states. Passporting reduces duplicative approvals for cross‑border operations.
As reported by Cointelegraph, Bitpanda secured MiCA‑aligned authorizations in Germany via BaFin, Germany’s Federal Financial Supervisory Authority, plus in Austria and Malta under local supervisors. Analysts there also note firms may still maintain multiple national licenses while passporting matures.
As reported by Cinco Días, Bitpanda leadership frames MiCA as a catalyst for banks to expand crypto services. If banks deepen partnerships, distribution in Europe could scale faster under unified rules.
Revenue expansion alongside user growth indicates demand recovery and improved monetization under clearer rules. Passporting can streamline market entries, but procedures and timelines still differ by country.
Independent research has flagged the rising fixed costs under MiCA. “MiCA has significantly increased licensing and compliance costs,” said Europe Crypto Report 2025 by Coincub.
Separately, ICIJ reported internal audits flagged information security and documentation issues at Bitpanda’s German unit. Such findings may prompt heightened oversight by BaFin and added remediation workloads.
Taken together, Bitpanda’s 2025 shows scale returning while compliance spend rises to secure and passport MiCA approvals. Further performance will depend on enforcement consistency and how quickly cross‑border operations standardize.
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