Bitpanda announces almost half a billion euros in sales in hype year 2021

Bitpanda announces almost half a billion euros in sales in hype year 2021

In the 2021 financial year, which was friendly for the crypto industry, the Austrian neo-broker Bitpanda generated sales of EUR 477.9 million and reported a profit of around EUR 38 million. The company announced these figures in its annual report. It thus surpasses other comparable fintech unicorns such as N26 or Trade Republic in terms of sales.

2021 was a consistently successful year for the crypto industry, which Bitpanda’s annual report also shows. In the following year 2022, the industry has to contend with new challenges. Factors such as the collapse of the Terra stablecoin (UST) and the legal disputes between the SEC and Ripple add to the general economic crisis.

With the momentum from 2021, the company aimed for sales and profit targets that could not be met in this changed market. As a consequence, Bitpanda announced the layoffs of around 270 employees in June. The 2021 annual report makes it clear that the brilliant growth figures cannot be continued in the current financial year in the same form.

Bitpanda is built on trading volume

Bitpanda’s business model is built around the buying and selling of cryptocurrencies, with the company earning on the trading margins and fees incurred. According to the annual report, the trading volume running through Bitpanda was 17.9 billion euros. This resulted in sales of 477.9 million euros in 2021, which corresponds to an increase of almost 800 percent. In 2020, this turnover was only 55 million euros.

With the increase in sales, personnel costs also increased. In 2021, these amounted to 71.7 million euros, compared to the previous year’s costs of 14 million euros. The average number of employees in 2021 was 389, with over 1,000 employees in some cases before the layoffs.

The outlook for 2022 is cautious. Bitpanda plans “moderate growth of the overall company and the associated trading volume”. A result comparable to 2021 is aimed for, but not expected. The neo-broker introduced trading in shares and ETFs last year and is hoping for positive effects for 2022. However, the “biggest driver of company sales” remains crypto trading, as the company emphasizes in the annual report.

Related posts
All Comments
Bitpanda announces almost half a billion euros in sales in hype year 2021 There are no comments yet! You can make the first comment.
Leave a Comment