Boerse Stuttgart’s 2025 Results Show How Exchanges Are Reinventing for Crypto and Tokenization
Boerse Stuttgart Group closed 2025 with a record year, underscoring how diversified platform groups can thrive by combining traditional capital markets, crypto infrastructure, and tokenized assets under one strategic umbrella. Trading volume across the Group’s three European platforms rose by 17% year-on-year, while revenues reached a new all-time high for the second consecutive year, reflecting both cyclical market activity and longer-term structural growth.
Often described as the sixth-largest platform group in Europe, Boerse Stuttgart has steadily diverseiated itself from peers by leaning into areas where incumbents have been cautious: retail-focused market structures, regulated crypto services, and now tokenized securities. The 2025 results suggest that this strategy is gaining traction across both retail and institutional segments.
At a time when many platform operators are grappling with fee compression and fragmented growth, Boerse Stuttgart’s performance highlights how diversification across asset classes and infrastructure layers can reinforce resilience rather than dilute focus.
How Traditional Capital Markets Drove Volume Growth
In its core capital markets business, Boerse Stuttgart’s platforms in Germany, Sweden, and Switzerland delivered robust volume expansion. Trading activity increased by roughly 17% compared with 2024, with both the Nordic Growth Market (NGM) in Sweden and BX Swiss in Switzerland setting new trading volume records for the second consecutive year.
Equity market development remained an significant contributor. NGM added 19 new listings of growth companies in 2025, reinforcing its role as a venue for smaller and mid-sized firms viewking access to public capital. This pipeline matters strategically, as growth listings tend to generate recurring trading activity and deepen issuer relationships over time.
Broker EUWAX AG once again played a central role in liquidity provision. Its strong results reflect continued demand for structured products and platform-traded instruments, including the newly launched EUWAX Gold Core and EUWAX Gold Traceable ETCs, which attracted investor interest through a combination of transparency, tradability, and competitive costs.
Takeaway
Why Crypto Has Become a Core Profit Driver
The Group’s digital business was once again a standout performer in 2025. remained at elevated levels, while the number of retail customers across Boerse Stuttgart’s digital platforms climbed to 1.2 million. This expansion reinforces the Group’s position as Europe’s business.
Custody metrics underline the scale achieved. Assets held in fiduciary custody at Boerse Stuttgart Digital peaked at around €5.2 billion during the year, reflecting both market appreciation and continued inflows. significantly, this growth has been underpinned by a regulated model rather than offshore-style crypto operations.
A decisive factor was regulatory positioning. Boerse Stuttgart Digital became the first crypto service provider in Germany to receive a MiCAR license, giving it a first-mover advantage as Europe transitions to a harmonized crypto regulatory regime. This regulatory clarity has proven critical in attracting institutional partnerships that might otherwise remain on the sidelines.
Takeaway
Institutional Partnerships as a Growth Multiplier
Structural growth in 2025 was closely linked to major institutional partnerships. In capital markets, Boerse Stuttgart expanded its zero-fee offerings and added new international participants to both the simple Euwax segment and its regulated trading platform TradeREBEL, strengthening cross-border participation.
In digital assets, partnerships were even more consequential. Boerse Stuttgart became DekaBank’s infrastructure partner for crypto trading—serving both institutional clients and the crypto offering made available to approximately 50 million retail customers of Germany’s savings banks. This single relationship significantly extends Boerse Stuttgart’s distribution footprint.
Additional institutional wins included Italy’s Intesa Sanpaolo and Slovenia’s broker Ilirika, further anchoring the Group’s crypto services within Europe’s regulated banking system. Rather than competing with banks, Boerse Stuttgart has positioned itself as a neutral infrastructure provider, embedding crypto into existing financial networks.
Takeaway
Tokenized Assets Emerge as the Third Strategic Pillar
In 2025, Boerse Stuttgart formally established tokenized assets as its third strategic business area, alongside capital markets and digital assets. This move reflects growing confidence that tokenization will transition from pilot projects to scalable market infrastructure.
In Switzerland, BX Digital received the country’s first license for a DLT trading facility and began onboarding initial trading participants. This regulatory milestone positions the platform at the forefront of legally compliant .
Complementing this, Boerse Stuttgart launched Seturion, a pan-European digital settlement platform designed for tokenized assets. Built on an open architecture, Seturion aims to overcome national settlement silos by allowing interoperability across jurisdictions and market participants. The ambition is clear: to create a shared European backbone for .
Takeaway
Governance and Strategy for the Next Growth Phase
To support its expanding scope, Boerse Stuttgart Group introduced a new Advisory Council in 2025, composed of six senior international leaders. The council is intended to provide strategic guidance on global trends, digital transformation, and regulatory developments, reinforcing governance as the Group scales across asset classes.
This governance layer matters as Boerse Stuttgart navigates increasingly complex intersections between traditional securities law, crypto regulation, and emerging DLT frameworks. Few platform groups operate across all three simultaneously, making strategic oversight a competitive necessity rather than a formality.
Looking ahead to 2026, the Group appears positioned to benefit from multiple tailwinds: deeper retail engagement, under MiCAR, and ahead-mover advantage in tokenized market infrastructure. Execution risk remains, but the breadth of 2025’s performance suggests the strategy is gaining coherence.
