Bitpanda – Key Points
- Overvalued & Misleading Financials: 2023–24 profits largely driven by Bitcoin price swings, not operations; IPO valuation (€3.7B, P/E ~272) is extreme.
- Customer & Regulatory Risks: Poor service, intrusive re-verification, threats of defamation; custody practices violate fiduciary principles and MiCAR rules.
- Asset Mismanagement: Customer crypto and cash pooled in omnibus wallets; staking revenues diverted to company; external withdrawals may fail.
- Operational & Governance Failures: Management spent €700M+ in funding, political donations >10% of profits, with culture of arrogance and misaligned priorities.
Bitpanda is not yet listed but apparently preparing an IPO.

