Bit2Me, Spain’s largest cryptocurrency exchange, shifted from a consumer-facing platform to back-end infrastructure for banks and law enforcement, with trading volume reaching 5.3 billion euros (approximately $6.24 billion) in 2025, an eight-fold increase since 2023.
This scale is accompanied by growth in business-to-business revenue, which will jump from 18% of total revenue in 2023 to 27% in 2025. Cryptocurrency-backed lending is a relatively new product that has grown 672% in a year, and the company’s chief financial officer Pablo Casadio said that given its support, he believes the crypto industry has entered a stage of financial infrastructure that the company is leveraging.
The exchange is backed by banks including Bankinter, Unicaja and Cecabank, as well as telecom giants Telefónica and Tether, and had revenue of $25 million last year.
Read more: Spanish bank Bankinter joins BBVA and Tether in taking stake in cryptocurrency exchange Bit2Me
Much of this comes from new API offerings that allow institutions to effectively outsource their crypto operations. Spanish wholesale bank Cecabank, which also holds a stake in the company, has integrated Bit2Me’s infrastructure to provide digital asset services to other regional banks, complementing similar liquidity transactions with BBVA’s Turkish crypto subsidiary Garanti BBVA Kripto.
Bit2Me executives told reporters at a briefing that the exchange became the first in Spain to receive an EU Market for Crypto-Assets (MiCA) license and spent 3,000 hours on compliance and 2.5 million euros ($2.9 million) to achieve this goal.
The effort temporarily pushed its EBITDA into negative territory, but opened doors that few cryptocurrency companies have been able to enter and allowed it to begin expanding. The company began expanding into Portugal last week and plans to enter Italy, France and Germany in the near future.
Bit2Me also revealed that it has been eyeing the more competitive markets in the United States and the Middle East. “If we do anything, we need to do it the way we do in Spain, everything by the book,” Andrei Manuel, the platform’s chief operating officer and co-founder, said at a briefing attended by CoinDesk.
Convert squeezed cryptocurrencies to fiat
It has also been acting as the “cryptocurrency liquidator” for the Spanish government. Bit2Me executives added that the company has worked directly with Interpol, Europol and the national police to establish a channel to exchange confiscated digital assets into euros.
The system utilizes blockchain analytics company Chainaanalysis to ensure traceability. In 2025, Bit2Me processed €1.5 million ($1.76 million) in seized cryptocurrency on behalf of agencies including Interpol, Europol, and Spanish police. These funds are converted into national fiat currency.
While other governments still auction cryptocurrencies through third parties, Spain’s direct liquidation model mirrors the U.S. Marshals Service’s deal with Coinbase.