“我们有意投资于业务扩张”：Bitpanda 2025年报告亏损约1400万欧元

Bitpanda reports a loss of approximately 14 million euros for fiscal year 2025: Key details for investors to pay attention to

Bitpanda announced its financial results for fiscal year 2025, which showed a loss of approximately 14 million euros for the year. In the same period of the previous year, this indicator recorded a profit of 61.7 million euros. It is worth noting that the company's revenue actually grew: adjusted revenue climbed from 321 million euros to 371 million euros, a 16% increase. This deficit appears in other parts of the financial statements, and its location directly determines what the data means to you as a customer.

For you as a German investor, two key points are crucial: first, which company in the group bears the loss; and second, whether your asset balance appears in the same accounts. These two points can be confirmed through verification without relying on the subjective assessment of any third party.

Core interpretation of the 2025 financial report

The above statement belongs to Bitpanda GmbH registered in Vienna, an operating trading company under the group. Relevant financial reports have been released in the official gazette and have been independently reprinted by many commercial media.

Key Data List (2025 vs. 2024):

• Adjusted revenue: 371 million euros (Previously € 321 million)
• Adjusted EBITDA (Earnings before interest, tax, depreciation and amortization): 13 million euros (previously 52 million euros)
• Operating profit: Surplus 4.1 million euros
• Financial results: Loss of 18.3 million euros
• Annual profit after tax: Loss of approximately 14 million euros (Previously, profit was 61.7 million euros)
• Marketing expenses: slightly less than 107 million euros, an increase of 56% from the previous year
• Employees: 555 people (previously 486 people)

One of the figures is particularly prominent: sales revenue shown in the financial report reached 7.72 billion euros. This is not the company's actual income, but the transaction volume flowing through the platform. Any purchase of cryptocurrency assets at a broker generates revenue of this size and costs of almost the same size. What really remains in the company's hands is the gross profit on the next line, which has dropped from 320.7 million euros to 261.5 million euros.

Three indicators diverge: divergence between revenue, EBITDA and gross profit

In this financial report, the three indicators point in different directions, which is the real discovery. Adjusted revenue increased, gross profit fell, and adjusted EBITDA shrank significantly to about a quarter of its original.

"Adjusted revenue" refers to revenue after deducting directly attributable transaction costs;EBITDA is the result before interest, taxes, depreciation and amortization, and is used to demonstrate the profitability of daily business. If adjusted revenue increased by 16%, and adjusted EBITDA fell from € 52 million to € 13 million, this means more money is coming in, but more money is coming out. The company's own interpretation of this is a strategic decision. "We intend to invest in our expansion and the construction of the Bitpanda brand," it told industry media. This interpretation is consistent with the data, as the largest single growth is in marketing activities.

Why is the operating result positive but the overall account still in deficit?

This is where many short reports can easily lose their accuracy. At the operational level, the company did achieve a profit of 4.1 million euros in 2025. What caused the account to be negative was a financial result of € 18.3 million. This includes impairment of positions and higher interest expenses, which do not come from transactions with customers.

This pair of assessments means that a company that is self-sufficient in day-to-day operations but is dragged down by financial projects is very different from a company whose revenue collapses. These figures describe a growth period of more than a year of spending, rather than sluggish demand. The increase in the number of employees also supports this view: from 486 to 555, an increase of about 14%.

In addition, there is a data discrepancy regarding the 2024 results. Individual analyses put it at 81 million euros and others at 61.7 million euros. This range difference stems from the fact that one is pre-tax and the other is after-tax. Therefore, we cite it as a range rather than merge it into a single number.

Marketing spending: Nearly 107 million euros

Marketing spending increased by 56% in 2025 to just under 107 million euros, compared with approximately 69 million euros the previous year. Based on adjusted revenue of 371 million euros, nearly 29% of revenue was used for advertising and brand building. In contrast, labor costs are below this level, at approximately € 75 million.

This is a priority setting that customers can see clearly once they know where to look. This also explains how a company with growing revenue can report negative annual results without making a transaction business error. Whether these expenditures have brought returns cannot be judged based on a set of financial reports alone; this requires observing the development of customer numbers over the years, and these data are not provided in existing reports.

Which company owns your crypto assets? Who is overseeing it?

This is the most important distinction in the entire topic, and brief reports often ignore it. A loss of 14 million euros appeared in the accounts of Bitpanda GmbH in Vienna. The company is regulated by the Austrian Financial Markets Authority (FMA) and was authorized in April 2025 under the European Union Crypto Asset Markets Regulation (MiCA).

集团内还有其他获授权的实体。位于德国的Bitpanda Asset Management GmbH受德国联邦金融监管局（BaFin）监管。哪家公司是您的合同合作伙伴，取决于您使用的产品。您可以在服务条款和账户法律声明中找到这些细节。这正是您开始核查的地方，且只需两分钟即可完成。

授权并不意味着对资产负债表数据的保证；它约束的是持续的合规义务。许可证也可能带来制裁，这一点可以从同一机构的案例中得到印证：我们在2026年8月18日曾报道过FMA针对Bitpanda的首次公开MiCA处罚，涉及一份有缺陷的MiCAR白皮书。

资产隔离：为何亏损年份不影响你的余额

资产隔离意味着服务提供商必须将客户的加密货币资产和资金与其自有资产分开持有。欧盟加密资产市场法规要求所有获得保管资格的机构这样做。其目的正是为了应对我们现在讨论的情况：如果公司陷入困境，单独持有的客户持仓不会落入其破产财产范围。

在实践中，这意味着在持牌提供商处报告的1400万欧元年度亏损，并不能直接说明你的代币安全性。资产负债表数据和你的持仓记录在不同的账簿中。你可以检查的是服务商是否记录了资产隔离情况：持牌机构会在其材料中描述其资产持有方式以及哪些持仓处于离线状态。

You need to know the difference between this and a bank account. There is no legal deposit guarantee for cryptocurrency assets, no matter which country in the EU or by which provider they are held. Protection of up to € 100,000 per customer applies to bank deposits with licensed credit institutions and does not apply to Bitcoin or Ethereum in custody. If you hold a balance in euros with the provider, it depends on whether the money is deposited in the bank as a bank deposit or as a means of payment for the service provider itself. Which situation applies depends on the terms and this is the second place you should check.

If someone wants to completely eliminate custody risks, they can choose to own custody of assets. For what this technically requires and what devices are involved, please refer to our Hardware Wallet Comparison Guide. This will eliminate counterparty risk, but will introduce a new risk, namely responsibility for your own key.

What impact may loss years have on fees and quotes?

Here, we want to leave the recorded numbers and move to what you can focus on. A company that spends nearly 29% of adjusted revenue on marketing and reports negative annual results has two levers: cutting costs or improving revenue per customer. Both will be reflected in the same place in front of you, in the terms of service.

那里重要的是陈述的订单费，更关键的是点差，即买卖价格之间的差距。这是不显示为费用的成本部分，只有在同时比较两个价格时才能看到。我们在2026年10月1日详细拆解了该提供商的成本结构，包括0.99%至2.49%的范围。如果有任何变化，成本削减措施会最先反映在这里。

如果你想要对比不同条款，建议参考具有可比授权的机构。我们的受监管加密交易所概览列出了拥有欧盟授权的提供商及其费用模型，而对于杠杆交易或证券，你可以在加密经纪商对比中找到相关条款。转换平台应成为你每年都要进行的一次计算，这是对条款的反应，而非对资产负债表数字的反应。

更换提供商时的持有期和税务问题

如果你在考虑转换，税务节点随之而来，特别是在今年秋季。如果你在不出售的情况下将加密资产从一个托管安排转移到另一个，这不构成处置。获取数据，以及《所得税法》第23条规定的一年持有期将继续有效。相反，如果你卖出换成欧元，然后在新提供商处买回，你就实现了销售，这将带来截止期限和税务的所有后果。

This difference now has costs because the framework is changing. The German Ministry of Finance has solicited opinions on the draft tax on crypto assets; the Cabinet is expected to make a decision on October 14, 2026. For details of the draft and why December 31, 2026 became the decisive date, please refer to our report on the previous cabinet draft. Anyone who regains a position through a sale shortly before the deadline may move it into a different system.

Documentation is the key to the transfer itself. Record the time, amount and address so that data can be retrieved retroactively in the future. If the historical record is lost, you may have to rebuild it with the tax office, which is much more troublesome than taking a timely screenshot.

What the numbers don't say

honestly asks to point out the limitations of these earnings reports. They are separate financial statements for individual companies in the group, not consolidated financial statements, and therefore do not cover the entire business. They refer to the year 2025, the period that ended nine months ago. There is no reliable data available on client numbers, custody size and equity positions and therefore no data will be provided here.

In particular, loss years do not lead to conclusions about a company's solvency. Operating profit is positive, as financial items turn negative, revenue increases and staffing expands: this is what the numbers show, and its depth is limited to this.

Bitpanda Financial Report: What should we do now?

There are three steps to turn a report into something you can verify:

1. Identify contract partners: Open the terms of service and legal statements in your account and read which company is your contract partner and which regulatory authority regulates it. Also, check where any euro balances are stored.
2. Recalculation terms: For the amount you actually moved, compare your provider's fees and spreads to the two institutions in our overview of regulated crypto exchanges. If you also trade leveraged products or securities, you should also refer to the comparison of crypto brokers.
3. Decide how to hold: Clarify how much of your position should be held by the service provider and how much should be held by you yourself. For the second part, the Hardware Wallet Comparison Guide lists the devices and their differences. If positions are shifted during the process, record the time and amount to determine the holding period.

(As of October 5, 2026. This article does not constitute investment advice. Price and fee structures are subject to change; please check terms with your provider before purchasing.)