EU stock exchange Boerse Stuttgart sees crypto drive 25% of 2024 revenue

German stock exchange Boerse Stuttgart, one of the largest exchange groups in Europe, has recorded a significant revenue boost from offering cryptocurrency services in 2024.

Boerse’s crypto trading volumes tripled in 2024, generating 25% of the company’s revenues last year, Boerse Stuttgart group CEO Matthias Voelkel said, according to a Jan. 15 report by the financial newspaper Barron’s, citing AFP.

By the end of 2024, the amount of cryptocurrency held at Boerse for its clients reached 4.3 billion euros ($4.4 billion), with Bitcoin (BTC) accounting for roughly 50% of total transactions.

The exchange attracted more than one million clients, including professional and retail investors, primarily from German-speaking countries.

Boerse CEO is bullish on crypto

In the report, Voelkel expressed a bullish stance on the crypto market, predicting that cryptocurrencies will only continue to gain popularity. One reason for this is Bitcoin’s limited supply and growing demand from investors, he said.

The CEO reportedly disclosed that he also invested in Bitcoin, praising its underlying tamper-proof technology.

To expand its crypto services, Boerse has developed partnerships with liquidity providers and banks.

“In the digital business, we have become the regulated partner for trading and secure custody of cryptocurrencies for DZ Bank and the cooperative banking group, and the roll-out has already begun,” Voelkel said in Boerse’s official statement on Dec. 30. He added:

“Through our partnership with Amazon Web Services, we have laid the foundation for further scaling our institutional crypto infrastructure for financial institutions across Europe. In cooperation with Munich Re, we have developed an insured staking offering for cryptocurrencies.”

Voelkel questions crypto escape to the US amid Trump’s crypto deregulation

Voelkel also questioned the idea that the crypto deregulation promised by United States President-elect Donald Trump would lead to the market’s relocation to the US.

“The market in Europe is benefiting from a positive dynamic,” the CEO reportedly said, referring to the anticipated crypto policy shift in the US.

As previously reported, Boerse Stuttgart debuted crypto trading services in 2019, initially with Bitcoin trading. The stock exchange has been scaling its crypto offering since, adding various services, including Ethereum staking.

Related: Standard Chartered debuts crypto services in Europe with new license

Cointelegraph approached Boerse Stuttgart to comment on its crypto volume surge but did not receive a response by the time of publication.

Cryptocurrency trading in the European Union is regulated within the EU’s Markets in Crypto-Assets Regulation (MiCA), which entered into full force in late 2024.

According to some executives, MiCA will be a significant step forward for the cryptocurrency industry despite concerns about potential overregulation during its initial rollout.

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