According to Bloomberg, cryptocurrency broker Bitpanda announced that its net revenue in the first quarter of 2024 has exceeded 100 million euros. After net sales reached 148 million euros (about 160 million US dollars) in 2023, the company's revenue continued to soar, and profits are expected to rebound to record levels in 2024.
Vienna-based Bitpanda recorded a pre-tax profit of 13.6 million euros in 2023, compared with a loss of more than 130 million euros in 2022. The company benefits from a resurgence in crypto-asset trading, cost structure optimization and investment services provided in partnership with banks. "We have persisted in bear markets and expanded significantly at high margins in bull markets," said founder and CEO Eric Demuth.