Spain’s largest crypto exchange, Bit2Me — backed by the likes of Tether, Bankinter, Unicaja, Cecabank and Telefónica — has quietly transformed itself from a consumer-facing platform into the “plumbing” powering banks, law enforcement and other institutions across Europe.
Key takeaways
- Trading volume surged to €5.3 billion in 2025 (about $6.24 billion), an eightfold increase since 2023.
- Business-to-business revenue rose from 18% of total in 2023 to 27% in 2025.
- Crypto-backed loans jumped 672% year-over-year.
- Bit2Me generated roughly $25 million in revenue last year.
A move from retail to institutional rails
Rather than double down on retail users, Bit2Me has focused on building backend infrastructure for banks and public agencies. That strategy centers on a new API product that lets institutions outsource their crypto operations — custody, trading liquidity and settlement — without building in-house capabilities. The shift helped drive outsized B2B growth and a rapid rise in institutional trading volume.
Strategic partners and clients
Wholesale bank Cecabank, which is also an investor in Bit2Me, integrated the exchange’s stack to deliver digital-asset services to regional banks. Bit2Me also complements a liquidity arrangement with Garanti BBVA Kripto, BBVA’s Turkish crypto arm. Executives say these tie-ups are proof the company is becoming a quiet backend provider for Europe’s traditional finance players.
Regulation-first expansion
Bit2Me became the first firm in Spain to secure an EU Markets in Crypto Assets (MiCA) license — a costly, time-consuming process that executives estimate required roughly 3,000 hours of compliance work and about €2.5 million ($2.9 million). The investment temporarily pushed EBITDA into negative territory, but it unlocked institutional doors that many crypto firms can’t access and paved the way for continental expansion.
Geographic push and cautious global ambitions
The exchange has already launched in Portugal and plans near-term rollouts in Italy, France and Germany. Bit2Me has also been scouting the U.S. and Middle East, though executives stress any move into those competitive markets would follow the same “by the book” approach used in Spain. “If we do anything, it needs to be done the way we did it in Spain, everything by the book,” COO and co‑founder Andrei Manuel told reporters.
A trusted partner for law enforcement
Bit2Me has built a pipeline to convert confiscated digital assets into euros, working directly with Interpol, Europol and Spanish police. Acting as a crypto liquidator for the Spanish government, the exchange processed about €1.5 million ($1.76 million) in seized crypto during 2025. The process uses blockchain analytics from Chainalysis to ensure traceability and compliance. Unlike some countries that auction seized crypto via third parties, Spain’s direct-conversion model mirrors the U.S. Marshals Service’s recent arrangements with Coinbase.
Why Bit2Me’s pivot matters
CFO Pablo Casadio frames the company’s strategy as tapping into a broader industry shift: crypto is entering a financial infrastructure phase, and Bit2Me — bolstered by institutional backers — is positioning itself as a regulated, embedded service provider for banks and states. The result is a business that no longer wants to be seen primarily as a retail exchange but as the secret plumbing under Europe’s budding digital-asset ecosystem.
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