"We deliberately invested in our expansion": Bitpanda reports a loss of around 14 million euros for 2025

Bitpanda has reported a loss of around 14 million euros for the 2025 financial year. A year earlier the same line showed a profit of 61.7 million euros. Revenue actually grew: adjusted revenues climbed from 321 to 371 million euros, an increase of 16 percent. The deficit arises somewhere else in the accounts, and that place is exactly what decides whether the figure concerns you as a customer.

For you as an investor in Germany two things count: which company in the group carries this loss, and whether your balance appears in the same accounts at all. Both can be checked without having to rely on anybody's assessment.

What the 2025 annual accounts say

The accounts belong to Bitpanda GmbH, registered in Vienna, the group's operating trading company. They were published in the official gazette and were picked up independently by several business desks. Der Standard gives the 14 million euro loss after tax and the prior-year profit of 61.7 million euros, while BTC-Echo adds the intermediate lines of the profit and loss account.

The key figures at a glance, 2025 against 2024 in each case:

• Adjusted revenue: 371 million euros against 321 million euros
• Adjusted EBITDA: 13 million euros against 52 million euros
• Operating result: plus 4.1 million euros
• Financial result: minus 18.3 million euros
• Result for the year after tax: around minus 14 million euros against plus 61.7 million euros
• Marketing spend: just under 107 million euros, 56 percent more than the year before
• Employees: 555 against 486

One number stands out: 7.72 billion euros of sales revenue appears in the accounts. That is not the company's earnings but the trading volume passing through it. Anyone buying crypto assets at a broker generates revenue of that size and at the same time a cost of almost the same size. What stays with the house is one line lower as gross profit, and that has fallen from 320.7 to 261.5 million euros.

Adjusted revenue, EBITDA and gross profit are moving apart

Three measures point in different directions in these accounts, and that is the real finding. Adjusted revenue rises, gross profit falls, adjusted EBITDA almost quarters. Adjusted revenue means revenues after deducting directly attributable trading costs; EBITDA is the result before interest, tax, depreciation and amortisation, an intermediate measure meant to show how much the running business throws off.

If adjusted revenue rises by 16 percent and adjusted EBITDA falls from 52 to 13 million euros, then more money came in and considerably more went back out. The company itself explains this as a decision. It told the industry outlet "brutkasten": "We deliberately invested in our expansion and in building out the Bitpanda brand." That reading is consistent with the numbers, because the largest single increase is in marketing.

Why the operating result is positive and the accounts are still in the red

This is the point at which many short reports lose precision. Operationally the company made money in 2025, namely 4.1 million euros. What turned the account negative was the financial result at minus 18.3 million euros. Behind that sit write-downs on holdings and higher interest expenses, items that do not come from the trading business with customers.

For the assessment that means a house whose running business carries itself and whose financial items weigh on the result stands differently from a house whose revenues are collapsing. The numbers describe an expensive year of growth, not a slump in demand. The headcount supports that: 555 people instead of 486, a build-up of a good 14 percent.

There is a discrepancy in the figures you should know about. Individual analyses put the 2024 result at 81 million euros, others at 61.7 million euros. The range is explained by one figure being measured before tax and the other after. We quote it as a range rather than netting it into a single number.

Marketing spend of just under 107 million euros

Marketing spend rose by 56 percent to just under 107 million euros, from around 69 million euros the year before. Measured against adjusted revenue of 371 million euros, almost 29 percent of revenues therefore go into advertising and brand building. For comparison: staff costs sit below that at about 75 million euros.

That is a setting of priorities a customer can see, once they know where to look. It also explains how a house with rising revenue can report a negative result for the year without anything having gone wrong in the trading business. Whether the spending paid off cannot be said from a single set of accounts; that would need the development of customer numbers over several years, and those are not in the reports available.

Which company holds your crypto assets and who supervises it

This is the most important distinction in the whole subject, and short reports routinely pass over it. The loss of 14 million euros appears in the accounts of Bitpanda GmbH in Vienna. That company is supervised by the Austrian financial market authority FMA and received authorisation from it in April 2025 under the EU regulation on markets in crypto assets.

There are further authorised entities within the group. Bitpanda Asset Management GmbH is based in Germany and is supervised by BaFin. Which of these companies is your contractual partner depends on which product you use. You will find that detail in your terms of use and in the legal notice of your account. That is exactly where your check begins, and it takes two minutes.

An authorisation says nothing about balance sheet figures; it binds the house to ongoing duties. That a licence can also bring sanctions with it is shown by a case from the same house: on August 18, 2026, we covered the FMA's first published MiCA penalty against Bitpanda, which concerned a faulty MiCAR white paper.

Segregation of assets: why a loss-making year does not touch your balance

Segregation of assets means a service provider has to hold its customers' crypto assets and money separately from its own assets. The EU regulation on markets in crypto assets requires this of every authorised custodian. The purpose is precisely the case we are discussing here: if the company runs into trouble, the separately held customer holdings do not fall into its estate.

In practice that means a result for the year of minus 14 million euros at an authorised provider makes no direct statement about the safety of your coins. The balance sheet figure and your holding sit in separate books. What you can check is whether the segregation is documented at your provider: authorised houses describe in their materials how they hold assets and which parts of the holdings sit offline.

There remains a difference from a bank account that you need to know. For crypto assets there is no statutory deposit guarantee, in no EU country and at no provider. The protection of up to 100,000 euros per customer applies to bank deposits at an authorised credit institution, not to bitcoin or ether in custody. If you hold a euro balance at your provider, it depends on whether that money is held as a deposit at a bank or as a means of payment at the service provider itself. Which case applies is in the terms, and that is the second place you should read up on.

Anyone wanting to take custody out of the equation altogether holds their assets themselves. What that requires technically and which devices come into question is set out in our hardware wallet comparison. It dissolves the counterparty risk and creates a new one, namely responsibility for your own key.

What a loss-making year can mean for fees and the offering

Here we leave the documented figures and come to what you can watch. A house that spends almost 29 percent of its adjusted revenues on marketing while reporting a negative result for the year has two levers: cut costs or raise earnings per customer. Both would show up for you in the same place, namely in the terms.

What matters there is less the stated order fee than the spread, the gap between the buying and the selling price. It is the part of the cost that does not show up as a fee and that you only see when comparing two prices at the same moment. We broke this provider's cost structure down in detail on October 1, 2026, including the range of 0.99 to 2.49 percent. If anything changes there, that is where a cost-cutting drive arrives first.

If you want to set terms against one another, it helps to look at houses with comparable authorisation. Our overview of regulated crypto exchanges lists the providers with EU authorisation along with their fee models, and for leveraged trading or securities alongside it you will find the terms in the crypto broker comparison. A switch then becomes a calculation you ought to be doing once a year anyway, and stays a response to terms rather than to a balance sheet figure.

Holding period and tax when you change provider

If you are thinking about a switch, a tax point belongs with it, and it matters particularly this autumn. If you transfer crypto assets from one custody arrangement to another without selling them, that is not a disposal. The acquisition data, and with it the one-year holding period under Section 23 of the Income Tax Act, keep running. If instead you sell into euros and buy back at the new provider, you have realised a sale, with all the consequences for the deadline and for the tax.

That difference costs money right now, because the framework is changing. The German finance ministry has put a draft bill on the taxation of crypto assets out for consultation; the cabinet is due to decide on it on October 14, 2026. What it contains and why December 31, 2026, becomes the decisive date is set out in our report on the draft bill before the cabinet. Anyone re-acquiring holdings through a sale shortly before that cut-off may be moving them into a different regime.

On the transfer itself, documentation is what counts. Record the time, the amount and the address, so that the acquisition data stay traceable later. If that history is lost, you may have to reconstruct it for the tax office, and that is more work than a screenshot at the right moment.

What the numbers do not say

Honesty requires naming the limits of these accounts. They are the separate accounts of one company in the group and not consolidated accounts, so they do not cover the whole business. They refer to 2025 and therefore to a period that ended nine months ago. On customer numbers, on the size of the holdings in custody and on the equity position, the reports available contain no reliable figures, which is why you will not find them here either.

In particular, no statement about a company's solvency follows from a loss-making year. Operationally positive, turned negative by financial items, with revenue grown and headcount built up: that is the picture the numbers show, and it does not reach further than that.

Bitpanda's accounts: how to proceed now

Three steps that turn the report into something you can verify:

1. Establish your contractual partner. Open the terms of use and the legal notice in your account and read which company is your contractual partner and which authority supervises it. In the same step, check where any euro balance is held.
2. Recalculate the terms. For the amount you actually move, compare your provider's fee and spread with two houses from the overview of regulated crypto exchanges. Anyone trading leveraged products or securities alongside should also take the crypto broker comparison.
3. Decide on custody. Set out which share of your holdings should sit with a service provider and which in your own custody. For the second part, the hardware wallet comparison lists the devices and their differences. If you transfer holdings in the process, document the time and the amount for the holding period.

(As of October 5, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)