Bit2Me, Spain’s largest cryptocurrency exchange, recorded a trading volume of 5.3 billion euros (about $6.24 billion) in 2025, eight times more than in 2023, as it transitioned from a consumer-facing platform to a back-end infrastructure for banks and law enforcement.
This volume was accompanied by growth in business-to-business revenue, which increased from 18% of the total in 2023 to 27% in 2025. Cryptocurrency-backed loans, a relatively new offering, grew 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 benefiting from, given its support.
The exchange, backed by various banks including Bankinter, Unicaja and Cecabank as well as telecommunications giant Telefónica and Tether, had a turnover of $25 million last year.
Read more: Spanish bank Bankinter joins BBVA and Tether with stake in crypto exchange Bit2Me
Much of this comes from a new API product that allows institutions to efficiently outsource their crypto operations. Spanish wholesale bank Cecabank, which also has a stake in the company, has integrated Bit2Me’s infrastructure to offer digital asset services to other regional banks, completing a similar liquidity agreement with BBVA’s Turkish crypto subsidiary, Garanti BBVA Kripto.
The exchange became the first in Spain to obtain a European License for Crypto Asset Markets (MiCA) and spent 3,000 hours on regulatory-compliant work and 2.5 million euros ($2.9 million) to achieve it, Bit2Me executives told reporters at a briefing.
This effort temporarily pushed its EBITDA into negative territory, but opened doors that few crypto companies can access and allowed it to start growing. The company began expanding into the Portuguese market last week, with plans to enter Italy, France and Germany soon.
Bit2Me also revealed that it is interested in the US and Middle East markets, which are much more competitive. “If we do something, it must be done as we did in Spain, everything within the rules,” said Andrei Manuel, COO and co-founder of the platform, during the briefing attended by CoinDesk.
Transform seized crypto into fiat
He also acted as a “crypto-liquidator” for the Spanish government. Bit2Me has built a pipeline to convert confiscated digital assets into euros, working directly with Interpol, Europol and the national police, its executives added.
The system relies on blockchain analysis company Chainalysis to ensure traceability. In 2025, Bit2Me processed 1.5 million euros ($1.76 million) in seized crypto on behalf of agencies including Interpol, Europol and the Spanish police. These funds are converted into fiat currency for the state.
While other governments continue to auction cryptocurrencies through third parties, Spain’s direct liquidation model mirrors the US Marshals Service’s deal with Coinbase.
