Crypto Broker Bitpanda’s Co-Founder Steps Down After Record Year

(Bloomberg) — Bitpanda GmbH’s Co-Chief Executive Officer Paul Klanschek is stepping down from his role at the helm of the crypto brokerage, following a year of record earnings and as the company weighs strategic options.

Deputy CEO Lukas Enzersdorfer-Konrad will replace Klanschek, who will take on an advisory role, the company told Bloomberg. Klanschek has led the Vienna-based crypto trading platform alongside co-CEO Eric Demuth since the two co-founded the company in 2014. Demuth will remain co-CEO, the company said.

Bitpanda has been assessing strategic options, including a potential stock listing in Frankfurt that could value the company at $4 billion or more, Bloomberg reported last year.

The management change follows a record year for the company, which has been expanding beyond its retail offering by partnering with some of Europe’s largest banks to provide access to crypto assets. It comes as digital assets rally globally, bolstered by a more friendly regulatory environment.

New sweeping European Union rules have started to draw in larger players and are expected to lead to further growth, while in the US, President Donald Trump has been a vocal crypto supporter, backing legislation and appointing key figures with ties to the industry.

Bitpanda’s operating revenue more than doubled to €393 million ($448 million) in 2024, with its Ebitda-margin exceeding 30%, according to a company statement.

A large part of revenue still comes from Bitpanda’s retail platform, but the share of recurring revenue — as opposed to one-off trading fees — now exceeds 25%, Enzersdorfer-Konrad said in an interview.

Income from business partnerships rose to double-digit million euros in 2024. Those include partnering on crypto trading platform and custody services with major lenders, including LBBW, Deutsche Bank and Rak Bank.

Enzersdorfer-Konrad declined to comment on specific strategic plans, but said the company was assessing growth opportunities in a crypto market that’s becoming increasingly regulated.

“We are probably the only relevant European crypto company that ensures not only constant growth, but can compete with US and Asian global firms,” Enzersdorfer-Konrad said.

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