Bitpanda says its net revenue in Q1 2024 has exceeded 100 million euros

Cryptocurrency broker Bitpanda said in a statement that the company's revenue is soaring after net sales reached 148 million euros (about $160 million) in 2023. Bitpanda's net income in the first three months of 2024 has been More than €100 million, so profits are expected to rebound to record levels in 2024. The privately held Vienna-based company recorded a pre-tax profit of 13.6 million euros last year, compared with losses of more than 130 million euros in 2022. Currently, the company is benefiting from a resurgence in crypto-asset trading, optimization of its cost structure, and investment services provided in partnership with banks. Eric Demuth, founder and CEO of Bitpanda, said: "We were able to persist through a lengthy bear market and expand significantly at high margins in a bull market." (Bloomberg)