Amid accelerating digital asset adoption, Bitpanda tokenization is moving to the center of the Vienna-based broker’s global expansion and institutional banking strategy.
Bitpanda pivots from user growth to global reach
Vienna-based crypto broker Bitpanda is reshaping its growth model, keeping its core retail business anchored in Europe while pushing abroad through banks and financial institutions. Instead of chasing pure user growth, the firm is now prioritizing geographic reach and deeper institutional relationships, vice president of global markets strategy and operations Vishal Sacheendran told CoinDesk.
“It is about having a footprint in more markets,” Sacheendran said, outlining how the company plans to scale without launching a consumer app in every jurisdiction. Moreover, the focus on institutions is designed to reduce direct competition with established local and global exchanges.
The strategy builds on steady performance. In 2025, Bitpanda reported €371 million ($430 million) in adjusted revenue, a 16% increase from the previous year, while its registered user base rose 25% to 7.4 million. The company now claims more than 7 million users overall, underscoring its footprint in the EU retail market.
IPO plans and Frankfurt listing ambitions
Alongside its institutional push, Bitpanda is weighing a public listing. The broker is reportedly preparing for a potential IPO on the Frankfurt Stock Exchange as early as the first half of 2026, targeting a valuation between EUR 4 billion and EUR 5 billion. That said, the timeline and final terms remain subject to market conditions and regulatory approvals.
The listing plan comes as several crypto exchanges and infrastructure providers either go public or explore public markets. However, Bitpanda’s approach is notable for its emphasis on regulated partnerships with banks and financial firms, rather than a pure-play exchange growth narrative.
Bringing crypto services to banks and institutions
For roughly a decade, Bitpanda’s app has allowed European retail users to trade cryptocurrencies and other assets. Outside the EU, however, management believes that simply rolling out a retail app is not always viable, particularly in smaller markets or those already dominated by large global exchanges. As a result, the firm wants to work with institutions that already control customer distribution channels.
“We do not want to compete with exchanges everywhere,” Sacheendran said. “There is a big segment of the market that still trusts banks.” This shift aligns closely with the primary focus on banks crypto partnerships, where existing financial brands front the customer relationship while Bitpanda supplies the underlying technology.
Inside the Bitpanda Enterprise platform
In March, the company formalized its institutional offering with the launch of Bitpanda Enterprise, a platform that packages crypto infrastructure, custody and tokenization services for banks, brokers, asset managers, fintechs and corporate clients. The initiative is a rebranding and expansion of its previous B2B arm, Bitpanda Technology Solutions.
The new bitpanda enterprise platform bundles several components into a single interface. These include API-based investment infrastructure for financial brands, institutional-grade custody, trading liquidity and settlement tools, as well as payment rails for crypto and stablecoins. Moreover, the platform offers token infrastructure tailored for stablecoin issuance and systems designed to support tokenized assets.
In practice, Bitpanda wants to become part of the core crypto banking infrastructure for regulated firms that prefer to integrate rather than build in-house. This model allows banks and fintechs to launch digital asset products more quickly while relying on an external, compliance-focused provider.
UAE partnership as a case study
One of the earliest visible examples of this institutional model emerged in July, when RAKBANK, one of the oldest lenders in the United Arab Emirates, launched crypto trading for retail customers through a partnership with Bitpanda. Instead of developing its own stack, the bank connected directly to Bitpanda’s infrastructure.
Sacheendran explained that partnerships like the RAKBANK deal often serve as launchpads for broader regional expansion. When a top-tier bank in a given market starts offering digital asset services via Bitpanda, others typically take notice and explore similar integrations, he said. Consequently, each flagship partnership can have an outsized signaling effect.
Bitpanda’s pitch to new institutional clients leans heavily on its regulatory posture. The company operates under strict licensing requirements, including the European Union’s MiCA framework, widely viewed as one of the most comprehensive regulatory regimes for cryptocurrencies. That regulatory track record has become a central part of its commercial story.
Regulation as a competitive moat
According to Sacheendran, that regulatory credibility translates well to emerging markets, where many authorities are still defining their rules for digital assets. In regions across Asia, Latin America and the Middle East, regulators are eager to nurture the sector but prefer partners that already comply with robust European standards.
Asia-Pacific, in particular, highlights the region’s complexity. The market is “very fragmented,” he noted, with different frameworks in Hong Kong, Singapore, Japan and South Korea. Moreover, Bitpanda plans a gradual approach there: start with small footprints, test demand and scale only where regulatory and commercial conditions align.
In this context, the company is positioning its platform as a provider of institutional crypto custody services, trading access and tokenization rails under clear rules. That said, each jurisdiction’s licensing path and risk requirements still determine the exact offering and rollout pace.
Emerging markets and tokenization opportunity
Emerging markets in Asia, Latin America and the Middle East are a particular focus for Bitpanda’s next phase of growth. Sacheendran said regulators in many of these jurisdictions are increasingly open to emerging markets crypto adoption, provided that partners bring proven compliance processes and technical resilience.
On the product side, Bitpanda is evaluating derivatives trading. However, regulations for derivatives differ significantly across countries, which means the company must tailor its approach to each market. In parallel, management expects tokenization to become a major theme over the coming years, especially for assets such as bonds, money market funds and real estate.
In fact, the broader bitpanda tokenization thesis is that these markets could benefit from blockchain‘s ability to support around-the-clock trading, faster settlement and broader investor access. Tokenized instruments could also lower operational costs and enable fractional ownership, making traditionally illiquid assets more accessible to retail and institutional investors alike.
Providing token rails rather than issuing stablecoins
Within this infrastructure-first model, Bitpanda offers token rails and operational support for institutions that want to issue their own stablecoins or tokenized instruments. The firm supplies the underlying systems and compliance tooling rather than taking on the role of issuer itself, which aligns with its focus on banks and regulated entities.
“We do not build a stablecoin,” Sacheendran said, emphasizing that Bitpanda does not plan to launch a proprietary token. Instead, it aims to provide the tokenization for banks that prefer a white-label or co-branded solution, while they retain control over issuance, branding and customer relationships.
Looking ahead, Bitpanda’s combination of regulated infrastructure, regional partnerships and exchange experience positions it to compete in a field where scale and compliance are increasingly decisive. If its Frankfurt listing plan progresses and institutional demand continues to grow, the company’s tokenization and bank-focused strategy could significantly expand its global footprint.