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CoinDesk 2025-01-15 15:47:31

Boerse Stuttgart’s Crypto Business Accounts for 25% of Its Revenue as Volume Triples

Boerse Stuttgart’s Crypto Business Accounts for 25% of Its Revenue as Volume Triples

Boerse Stuttgart, one of Germany’s leading stock exchanges, has seen its cryptocurrency trading business explode in recent years to now account for approximately 25% of its overall revenue. While not revealing the exact cryptocurrency trading volume, the exchange group shared in a press release at the end of last year that the metric “almost tripled” in 2024 to record its best performance ever. In custody, Boerse Stuttgart had around €4.3 billion ($4.45 billion). The relative success of the exchange's crypto business comes alongside a backdrop of spot ETF mania in the United States, the launch of which saw inflows of $36.2 billion in 2024. Bitcoin accounted for nearly 50% of the exchange’s cryptocurrency revenue, according to the firm’s CEO Matthias Voelkel, who told global news agency Agence France-Presse (AFP) that the exchange has been spending the last five years growing its cryptocurrency trading platform. The exchange’s focus on attracting both professional and retail investors within the German-speaking world has seemingly proven fruitful as the platform has now managed to attract over one million cryptocurrency trading clients. Voelkel himself, according to the AFP, invested in bitcoin after considering the benefits of the blockchain technology underpinning the cryptocurrency and over a belief that their popularity will keep on growing. Boerse Stuttgart offers services through it's digital exchange as well as the retail-focused trading app BISON. Last year, it launched a fully insured cryptocurrency staking service on the BISON app through a partnership with German insurance giant Munich Re and staking provider Staking Facilities. CoinDesk reached out to Boerse Stuttgart but did not hear back before press time.

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