German stock exchange Boerse Stuttgart, one of Europe’s largest exchange groups, experienced a substantial increase in revenue in 2024 due to its cryptocurrency services. According to the CEO of Boerse Stuttgart group, Matthias Voelkel, the trading volumes for cryptocurrencies tripled, contributing to 25% of the company’s total revenue. This information was reported by the financial newspaper Barron’s, citing AFP.
By the end of 2024, the total amount of cryptocurrency held by Boerse Stuttgart for its clients reached 4.3 billion euros ($4.4 billion), with Bitcoin accounting for approximately 50% of all transactions. The exchange attracted over one million clients, including both professional and retail investors, primarily from German-speaking countries.
Voelkel expressed an optimistic view of the crypto market, stating that cryptocurrencies will continue to gain popularity. He attributed this to Bitcoin’s limited supply and the increasing demand from investors. The CEO also revealed that he personally invested in Bitcoin and praised its tamper-proof technology.
To expand its crypto services, Boerse Stuttgart has formed partnerships with liquidity providers and banks. Voelkel stated in an official statement on December 30 that they have become the regulated partner for trading and secure custody of cryptocurrencies for DZ Bank, the cooperative banking group, and are in the process of rolling out these services. Additionally, Boerse Stuttgart has collaborated with Amazon Web Services to scale its institutional crypto infrastructure for financial institutions across Europe. They have also developed an insured staking offering for cryptocurrencies in cooperation with Munich Re.
Voelkel questioned the belief that the deregulation of cryptocurrencies promised by President-elect Donald Trump in the United States would lead to the market relocating there. He stated that the market in Europe is benefiting from positive momentum, referring to the anticipated crypto policy shift in the US.
Boerse Stuttgart introduced its crypto trading services in 2019, initially starting with Bitcoin trading. Since then, the stock exchange has expanded its crypto offerings, including Ethereum staking.
Cointelegraph reached out to Boerse Stuttgart for comment on its surge in crypto trading volume but did not receive a response at the time of publication.
Cryptocurrency trading within the European Union is regulated by the Markets in Crypto-Assets Regulation (MiCA), which came into full force in late 2024. Despite concerns about potential overregulation during its initial rollout, some executives believe that MiCA will be a significant step forward for the cryptocurrency industry.