Bitpanda Statement: Net income for Q1 2024 has exceeded 100 million euros

ChainCatcher news, according to Bloomberg, cryptocurrency broker Bitpanda stated in a statement that following a net sales of 148 million euros (approximately 160 million dollars) in 2023, the company's revenue is soaring, with Bitpanda's net income exceeding 100 million euros in the first three months of 2024, thus profits for 2024 are expected to rebound to record levels.

The privately held company based in Vienna recorded a pre-tax profit of 13.6 million euros last year, while in 2022 it suffered a loss of over 130 million euros. The company is currently benefiting from the recovery of cryptocurrency asset trading, optimization of its cost structure, and investment services provided in collaboration with banks. Bitpanda founder and CEO Eric Demuth stated, "We were able to endure through the long bear market and significantly expand with high profit margins during the bull market."