The BISON crypto trading platform, operated by Boerse Stuttgart Group, has surpassed the one million active users milestone. The BISON crypto app recorded a year-over-year increase of around 13 percent. This growth solidifies its position as a leading regulated provider in the German-speaking market.
The expansion coincides with a period of heightened market activity. On days when Bitcoin reached new all-time highs, the platform registered up to six times more new customers than on average trading days. The volume of cryptocurrencies held in custody peaked at around 5.2 billion euros. Bitcoin accounts for roughly half of all transactions.
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Regulated infrastructure as competitive advantage
Boerse Stuttgart Digital Custody GmbH handles the custodial management of cryptocurrencies. This subsidiary has held a crypto custody license since March 2023. In January 2025, it became the first German provider to receive the EU-wide MiCAR license from BaFin. The European Markets in Crypto-Assets Regulation creates uniform requirements for crypto providers throughout the EU.
For investors, this means greater regulatory security compared to non-licensed providers. All companies involved in BISON operations are headquartered in Germany. This applies to verification, trading, and custody services alike. The platform also maintains an ISO-certified information management system.
The BISON crypto app currently provides access to more than 50 cryptocurrencies and over 2,500 stocks and ETFs. Crypto trading is commission-free for users, as BISON generates revenue through the spread. All custodied cryptocurrencies are protected by a crime insurance policy from Munich Re. This coverage extends to hot, warm, and cold wallets.
Strategic importance for Boerse Stuttgart
The crypto business has become a key revenue driver for Boerse Stuttgart. In 2024, crypto trading volume tripled and accounted for 25 percent of total revenues. Crypto AUM reached approximately 4.3 billion euros by the end of 2024.
"More than one million people now use BISON, a milestone on our path to advancing cryptocurrency adoption." - Dr. Ulli Spankowski, Co-Founder and CEO of BISON
In the digital business segment, Boerse Stuttgart Digital now serves as an infrastructure partner for DZ Bank and the cooperative financial group. The partnership covers cryptocurrency trading and custody. A cooperation with Amazon Web Services laid the foundation for scaling institutional crypto infrastructure in Europe. In collaboration with Munich Re, the company also developed an insured staking offering.
From pioneer to established platform
BISON launched in 2019 as the first crypto trading app from a traditional exchange. For context, Bitcoin was trading at around 2,900 euros at that time. Initially available only to German users, the app is now accessible in 72 countries. The product range expanded from pure crypto trading to a broad spectrum of securities. Since March 2023, BISON has offered fully regulated trading in stocks and ETFs.
Solarisbank serves as the banking partner and provides deposit protection up to 100,000 euros for all investor euro accounts. With BISON, Boerse Stuttgart Group has built the largest digital business among all European exchange groups. The group draws on over 160 years of financial market expertise.
Competition and institutional expansion
BISON competes with established providers such as Bitpanda, Trade Republic, and international exchanges like Coinbase and Kraken. The differentiating factor lies in complete German regulation and connection to traditional exchange infrastructure. While Vienna-based Bitpanda also holds a MiCAR license, Trade Republic positions itself as a mobile broker.
Institutional expansion continues to advance. In Europe, Boerse Stuttgart Digital has won additional major clients, including Italian major bank Intesa Sanpaolo and Slovenian broker Ilirika. In 2025, the group opened its eighth location in Madrid.
2025 was a record year for Boerse Stuttgart. Trading volume across the three trading venues (Boerse Stuttgart, Swedish NGM, and Swiss BX Swiss) rose by 17 percent to 135 billion euros. With the MiCAR license, the group now has the regulatory framework for further Europe-wide expansion.
