Spain’s largest cryptocurrency exchange, Bit2Me, moved 5.3 billion euros (about $6.24 billion) in trading volume in 2025, an eightfold increase since 2023, when it switched from a consumer-facing platform to backend infrastructure for banks and law enforcement.
That volume was accompanied by growth in business-to-business revenue, which jumped from 18% of the total in 2023 to 27% in 2025. Crypto-backed loans, a relatively new offering, rose 672% in a single year, with the company’s CFO, Pablo Casadio, saying he sees the financial business phase taking advantage of its crypto industry, which is leveraging its financial infrastructure.
The exchange, backed by various banks including Bankinter, Unicaja and Cecabank as well as telecom giant Telefónica and Tether, earned $25 million in revenue last year.
Read more: Spanish bank Bankinter joins BBVA and Tether with stake in crypto exchange Bit2Me
Much of that came from a new API product that allows institutions to effectively outsource their crypto operations. Spanish wholesale bank Cecabank, which also owns a stake in the company, has integrated Bit2Me’s infrastructure to offer digital asset services to other regional banks, complementing a similar liquidity agreement with BBVA’s Turkish crypto subsidiary, Garanti BBVA Kripto.
The exchange became the first in Spain to secure an EU Markets in Crypto Assets (MiCA) license and spent 3,000 hours of regulatory compliance work and 2.5 million euros ($2.9 million) to achieve it, Bit2Me executives told reporters during a briefing.
The effort temporarily pushed its EBITDA into negative territory, but opened doors that few crypto firms can access and allowed it to begin expanding. The company last week began expanding into the Portuguese market, with plans to enter Italy, France and Germany in the near future.
Bit2Me also revealed that it has been looking at the US and Middle East markets, which are far more competitive. “If we do something, it should be done the way we did it in Spain, by the book,” said Andrei Manuel, the platform’s COO and co-founder, during the briefing attended by CoinDesk.
Converts sized crypto to fiat
It has also served as a “crypto liquidator” for the Spanish government. Bit2Me has built a pipeline to convert confiscated digital assets into euros by working directly with Interpol, Europol and the national police, its executives added.
The system leverages the blockchain analytics company Chainalysis to ensure traceability. By 2025, Bit2Me processed 1.5 million euros ($1.76 million) in seized crypto on behalf of agencies that include Interpol, Europol and Spanish police. These funds are converted into fiat currency for the government.
While other governments still auction off crypto through third parties, Spain’s direct liquidation model mirrors the US Marshals Service’s deal with Coinbase.
