Bit2Me, Spain’s largest cryptocurrency exchange, expects trading volume to increase to 5.3 billion euros (about $6.24 billion) in 2025, eight times more than in 2023, as it shifts from a consumer-facing platform to a backend infrastructure for banks and law enforcement.
That volume was accompanied by growth in business-to-business revenue, from 18% of the total in 2023 to 27% in 2025. Crypto-backed loans, a relatively new offering, surged 672% in a single year, with the company’s CFO, Pablo Casadio, saying he sees the crypto industry entering a financial infrastructure phase that the company is taking advantage of given its backing.
The exchange, backed by various banks including Bankinter, Unicaja, and Cecabank, as well as telecom giants Telefónica and Tether, made $25 million in revenue last year.
Read more: Spanish bank Bankinter joins BBVA and Tether with stake in crypto exchange Bit2Me
Much of this came from a new API product that allows institutions to effectively outsource their crypto operations. Spanish wholesale bank Secabank, which also has a stake in the company, has integrated Bit2Me’s infrastructure to provide digital asset services to other regional banks, complementing a similar liquidity deal with BBVA’s Turkish crypto subsidiary, Garanti BBVA Crypto.
Bit2me executives told reporters during a briefing that the exchange became the first exchange in Spain to secure an EU Markets in Crypto Assets (MICA) license and spent 3,000 hours and 2.5 million euros ($2.9 million) on regulatory-compliant work to achieve it.
This effort temporarily pushed its EBITDA into negative territory, but opened doors that few crypto companies could reach and allowed it to begin expansion. The company started expanding into the Portuguese market last week, with plans to enter Italy, France and Germany in the near future.
Bit2Me also revealed that it is eyeing the US and Middle East markets, which are far more competitive. “If we do anything, it needs to be done just like we did in Spain, everything by the book,” Andrei Manuel, COO and co-founder of the platform, said during a briefing attended by CoinDesk.
converting seized crypto into fiat
It is also acting as a “crypto liquidator” for the Spanish government. Bit2Me has created a pipeline to convert seized digital assets into euros, working directly with Interpol, Europol and national police, its executives said.
The system leverages blockchain analytics firm Chainalysis to ensure traceability. In 2025, Bit2Me processed 1.5 million euros ($1.76 million) in seized crypto on behalf of agencies such as Interpol, Europol, and the Spanish Police. These funds are converted into fiat currency for the state.
While other governments still auction crypto through third parties, Spain’s direct liquidation model mirrors the US Marshals Service’s deal with Coinbase.