- Bitpanda CEO Paul Klanschek steps down as the firm prepares for a possible $4B IPO.
- Deputy CEO Lukas Enzersdorfer-Konrad takes over amid strong revenue and growth.
- Bitpanda received a MiCA license from BaFin, strengthening its EU regulatory position.
Paul Klanschek, co-founder and co-CEO of Bitpanda, has stepped down from his executive role following a year of strong financial results. He will take on an advisory role while Lukas Enzersdorfer-Konrad, the current Deputy CEO, will assume his responsibilities. Eric Demuth, Klanschek’s co-founder, will remain in his position as co-CEO.
The leadership change comes as the Vienna-based crypto investment platform reviews strategic options, including a potential initial public offering (IPO) on the Frankfurt Stock Exchange. The IPO consideration follows a period of growth in both Bitpanda’s user base and earnings.
Frankfurt IPO May Value Bitpanda at $4 Billion
According to sources, Bitpanda is working with Citigroup and JPMorgan to assess a potential stock market listing that could value the firm at approximately $4 billion. The company has not given a timeline or decision, but it is still reviewing the market conditions and regulatory requirements.
In January 2025, the Federal Financial Supervisory Authority (BaFin) licensed Bitpanda under MiCA in Germany. This license is in line with the Markets in Crypto-Assets (MiCA) framework proposed by the European Union, which is now in effect. BaFin’s approval gives Bitpanda the flexibility to offer services to the EU market with an integrated set of standards.
This development places Bitpanda among a limited number of crypto firms with full regulatory readiness for an EU-wide operating model. The company joins other digital asset businesses preparing for public offerings, including Coinbase, Circle, and Gemini. A listing in Frankfurt would mark a significant step in Bitpanda’s corporate trajectory.
Revenue Growth and Business Expansion
Bitpanda had an operating revenue of €393 million in 2024, an increase of over twofold compared to the prior year. The company affirmed that its EBITDA margin was over 30%, and the net income was more than €100 million in the first quarter of 2024. The percentage of recurring revenue now stands at more than 25%, with a shift in the company’s revenue structure.
Its user base consists of over 7 million subscribers in 27 European Union countries. Initially introduced in 2014, Bitpanda has since diversified and offers not just cryptocurrency, but also stocks, ETFs, tokenized indices, and precious metals. It uses a multi-asset strategy that combines to a single app servicing retail and institutional investors.
In addition, the company has diversified its partnerships with financial institutions like Deutsche Bank, LBBW, and Rak Bank. These partnerships also leverage Bitpanda’s crypto trading and custodial platform. According to the company’s data, the business-to-business segment achieved revenues in the double-digit million euro range in 2024.
Related: RAKBANK Launches Crypto Trading in AED with Bitpanda
Leadership Transition Marks Shift in Strategic Focus
Furthermore, Lukas Enzersdorfer-Konrad, who now takes over day-to-day leadership duties, has played a key role in expanding Bitpanda’s product offerings. Enzersdorfer-Konrad previously led operations and product development and has been involved in regulatory planning and business diversification. He will now work alongside Demuth to guide the company’s next phase of growth.
Klanschek will continue to serve as an advisor for corporate governance and strategic planning. The company has stated that this change is part of its review of growth opportunities in a more regulated crypto environment.
Bitpanda has continued to raise brand visibility through recent marketing partnerships, including a deal with Paris Saint-Germain and a brand endorsement by French tennis player Gaël Monfils. These initiatives come as Bitpanda strengthens its presence in both retail and institutional markets. Additionally, market analysts expect that if conditions remain stable, a listing could occur in 2026.
