Boerse Stuttgart Digital
Boerse Stuttgart Digital is the regulated crypto and digital assets division of Boerse Stuttgart Group, operating the BISON retail trading app (1M+ users, 70+ countries), BSDEX exchange, and institutional custody and market-making infrastructure for European banks and brokers, pending a merger with Tradias.
- Company typePrivate
- Founded2020
- HeadquartersStuttgart, Germany
- Headcount101–250
- GTM typeB2B and B2C
- OfferingSoftware
What Boerse Stuttgart Digital does
Boerse Stuttgart Digital is the cryptocurrency and digital assets division of Boerse Stuttgart Group, Germany's second-largest stock exchange operator. The company operates a regulated crypto infrastructure spanning retail trading, institutional exchange, custody, and execution. Its flagship retail product is BISON, a MiCAR-licensed crypto trading app serving over one million active users across more than 70 countries with access to 63 cryptocurrencies, with a BISON Select loyalty program tiering high-volume users. Institutional offerings include BSDEX (the regulated Boerse Stuttgart Digital Exchange), Boerse Stuttgart Digital Custody GmbH (institutional and white-label custody), and execution via EUWAX AG — together powering bank-led deployments such as DZ Bank's 'meinKrypto' platform inside Germany's cooperative banking network.
Revenue is generated through transaction-based retail trading fees on BISON, B2B custody and infrastructure licensing to banks and brokers, and (pending merger close) institutional market-making fees via Tradias's infrastructure covering 150 crypto-assets and 1,000 trading pairs for clients including flatexDEGIRO, Trade Republic, dwpbank, and — via BitGo Prime — global institutional liquidity seekers. In February 2026, Boerse Stuttgart Digital announced a merger with Frankfurt-based Tradias to consolidate brokerage, exchange, custody, staking, and tokenized assets into one regulated entity; the deal is valued at over $590 million, will create a combined headcount of approximately 300 across Stuttgart, Frankfurt, Berlin, Ljubljana, Madrid, Milan, Stockholm, and Zurich, and is expected to close in H2 2026 pending regulatory approval.
Go-to-market combines product-led growth on BISON, B2B white-label/embedded distribution through partner banks and brokers, and institutional direct sales for market-making and custody services. The Boerse Stuttgart Group brand, MiCAR licensing, and bank-led distribution are the primary differentiators cited by the company and its market survey data (35% of EU investors surveyed would consider switching banks for better crypto offerings; nearly 1 in 5 expect their main bank to offer crypto access within 3 years).
Boerse Stuttgart Digital firmographics
Firmographics- Name
- Boerse Stuttgart Digital
- Legal name
- Boerse Stuttgart Digital
- Website
- https://bsdigital.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Boerse Stuttgart Digital is the regulated crypto and digital assets division of Boerse Stuttgart Group, operating the BISON retail trading app (1M+ users, 70+ countries), BSDEX exchange, and institutional custody and market-making infrastructure for European banks and brokers, pending a merger with Tradias.
- Ownership category
- akta.pro rank
Boerse Stuttgart Digital industry classification
Industry- Product category
- Digital Asset Trading Infrastructure
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)
- akta.pro secondary industries
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Retail Crypto Brokerages (Simple Buy/Sell) (FSADAAAB)
Keywords
Where Boerse Stuttgart Digital is headquartered
LocationHeadquarters
- HQ city
- Stuttgart
- HQ country
- Germany
- HQ region
- Europe
Offices8 records
Markets served
Boerse Stuttgart Digital business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Retail Trading Fees (BISON): BISON app generates transaction fees from retail crypto trading across 63 supported coins. Revenue is volume-based, driven by trading activity of over one million active users. The BISON Select loyalty program uses commission waivers at premium tiers as a lever to incentivize higher volume, suggesting standard commission fees for lower tiers.
- B2B Custody & Infrastructure Licensing: Boerse Stuttgart Digital Custody GmbH provides regulated custody services to institutional partners including DZ Bank for its meinKrypto platform, generating fees from white-label infrastructure provision to banks and financial institutions.
- Institutional Trading & Market Making (post-merger): Following the Boerse Stuttgart Digital + Tradias merger (expected H2 2026), the combined entity will generate revenue from institutional trading, market-making services covering 150 crypto-assets and 1,000 trading pairs for institutional clients including flatexDEGIRO, Trade Republic, and dwpbank.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Annual | BISON Select Silver — entry-tier premium loyalty for high-volume traders meeting the €40,000 annual crypto trading volume threshold |
| Transaction based/ take rate | Annual | BISON Select Gold — mid-tier premium loyalty with enhanced benefits over Silver |
| Transaction based/ take rate | Annual | BISON Select Platinum — highest-tier premium loyalty with maximum benefits |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels4 records
Boerse Stuttgart Digital product offering
Product offeringCore offering
Boerse Stuttgart Digital operates a MiCAR-licensed crypto infrastructure platform offering brokerage, exchange, custody, staking, and tokenized assets services to retail and institutional customers across Europe. Through its BISON consumer trading app, BSDEX institutional exchange, and Boerse Stuttgart Digital Custody GmbH, it provides regulated access to 63 cryptocurrencies and white-label infrastructure enabling partner banks to offer crypto trading within their existing banking applications.
Product overview
Boerse Stuttgart Digital operates a multi-product regulated crypto infrastructure covering retail and institutional segments. The core retail offering consists of BISON, a MiCAR-licensed cryptocurrency trading platform serving over one million users across more than 70 countries, paired with Boerse Stuttgart Digital Custody for secure asset storage. BSDEX serves institutional exchange needs. The company is pursuing a merger with Tradias—a MiCA-compliant market-maker covering 150 crypto-assets and 1,000 trading pairs for Europe's top banks and brokers—to create a unified platform providing brokerage, exchange, custody, staking, and tokenized assets services under one regulated roof, with a combined valuation exceeding $590 million and approximately 300 employees across eight European hubs.
Differentiator
Problem solved
Functional benefit
Brands
- BISON: Retail cryptocurrency trading platform serving over 1 million active users in 70+ countries with 63 cryptocurrencies including Bitcoin, Ethereum, and altcoins
- BSDEX
- Boerse Stuttgart Digital Custody
- BISON Select
Products and services
- BISON BISON is Boerse Stuttgart Digital's flagship consumer cryptocurrency trading application, operating under a full EU MiCAR license and offering access to 63 cryptocurrencies. It serves over one million active users across more than 70 countries, with custody handled by Boerse Stuttgart Digital Custody GmbH. The app is available in English, German, Spanish, French, and Italian.
- BSDEX (Boerse Stuttgart Digital Exchange) BSDEX is the institutional exchange operated by Boerse Stuttgart Digital, forming part of the group's regulated digital asset infrastructure alongside consumer-facing BISON and custody services. It serves institutional clients trading digital assets under EU MiCAR.
- Boerse Stuttgart Digital Custody Boerse Stuttgart Digital Custody GmbH provides regulated cryptocurrency custody services, including institutional custody and white-label custody solutions for institutional and banking partners such as DZ Bank's meinKrypto platform under EU MiCAR.
- BISON Select BISON Select is a premium loyalty program for the BISON trading app, targeting high-activity retail investors in digital assets and traditional securities with a minimum crypto trading volume threshold of €40,000 over 12 months. It offers three tiers (Silver, Gold, Platinum) with benefits including Bitcoin cashback, commission waivers, priority support, and exclusive community events.
- Embedded Crypto Infrastructure for Banks (VR Banking App / meinKrypto) White-label embedded crypto infrastructure providing custody and execution rails that allow partner banks (such as DZ Bank for the cooperative banking network) to offer regulated cryptocurrency trading to their retail customers within their existing banking applications. Supports BTC, ETH, LTC, and ADA at launch, with a phased rollout across the cooperative banking network.
- Institutional Market-Making Services Institutional market-making service covering 150 crypto-assets and 1,000 trading pairs, serving institutional clients including flatexDEGIRO, Trade Republic, and dwpbank. Operated by Tradias (Frankfurt-based) and intended to integrate into Boerse Stuttgart Digital upon completion of the pending merger.
Quantifiable outcome
- Over 1 million active users across 70+ countries served by BISON app
- +3 more outcomes
Companies that use Boerse Stuttgart Digital
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles3 records
Boerse Stuttgart Digital technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Boerse Stuttgart Digital partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- Nasdaq (in broader industry coalition)minorBoerse Stuttgart is part of a coalition of 39 European financial companies including Nasdaq that sent a joint letter to the European Commission and Parliament urging fast-tracking of DLT Pilot Regime reforms. The group is pushing to expand eligible assets, raise the volume cap to €150 billion, and remove time limitations on licenses to keep pace with global tokenized finance developments.
- TradiascoreBoerse Stuttgart Digital is merging with Frankfurt-based Tradias to create a fully regulated crypto infrastructure business covering brokerage, exchange, custody, staking, and tokenised assets. The combined entity will have around 300 employees across Frankfurt, Stuttgart, Berlin, Ljubljana, Madrid, Milan, Stockholm, and Zurich, with an estimated valuation of over $590 million. The merger is pending regulatory approval with closing expected in H2 2026. Boerse Stuttgart Digital brings its regulated broker, exchange, and custodian operations plus BISON consumer app (1M+ users) and BSDEX exchange; Tradias contributes MiCA-compliant infrastructure enabling 30 million Europeans to trade crypto via their banks, covering 150 crypto-assets and 1,000 trading pairs for institutional clients.
- DZ BankcoreBoerse Stuttgart Digital Custody GmbH provides custody services for DZ Bank's 'meinkrypto' crypto trading platform, which received MiCAR approval from BaFin in late December 2025. DZ Bank is Germany's second-largest bank. The platform supports BTC, ETH, LTC, and ADA, integrated into the VR Banking App used by Volksbanken and Raiffeisenbanken. EUWAX AG provides trade execution. Over one-third of cooperative member banks have indicated interest in adopting the platform.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Boerse Stuttgart Digital competitors and assessment
Company assessmentDirect peers
- Bitpanda: Vienna-based, MiCAR-licensed European crypto broker offering retail trading, staking, and custody across hundreds of assets. Most direct Europe-centric competitor to BISON in regulated retail brokerage, with overlapping institutional ambitions.
- Binance: World's largest crypto exchange by volume; competes with BISON on retail spot trading and with BSDEX/Tradias on institutional execution. MiCAR-driven regulatory marginalization is Boerse Stuttgart Digital's primary competitive tailwind against Binance.
- Crypto.com: Global retail-focused crypto exchange and app with staking, custody, and a Visa card product; competes with BISON for mainstream European retail traders.
- Kraken: Global crypto exchange with significant European institutional and retail flow; competing for the same regulated European trading and staking wallet share as Boerse Stuttgart Digital.
- Bitstamp: European-licensed crypto exchange (acquired by Robinhood) with MiCAR-relevant operations. Closely comparable exchange product offering to BSDEX in regulated spot trading.
- Coinbase: Largest US-listed crypto exchange with EU operations and growing MiCAR presence through Coinbase Europe. Direct competitor to BISON/BSDEX in retail trading and institutional custody.
Emerging players
- Fireblocks: Institutional digital-asset custody, settlement, and tokenization infrastructure provider; competes with Boerse Stuttgart Digital Custody GmbH for bank and institutional custody mandates in Europe.
Broad incumbents
- Deutsche Börse: Germany's primary stock exchange operator and parent of Clearstream; a broader incumbent competing in tokenized securities, exchange infrastructure, and post-trade services that overlap with Boerse Stuttgart Digital's longer-term roadmap.
- flatexDEGIRO: Germany's largest online broker, an institutional Tradias client and a competitor in retail trading as it broadens crypto offerings; mirrors Boerse Stuttgart Digital's embedded-in-banking distribution thesis.
- Trade Republic: Berlin-headquartered retail brokerage that now offers crypto trading and is both a Tradias market-making client and a competing consumer platform in Germany and Europe.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Boerse Stuttgart Digital social profiles
Digital presenceBoerse Stuttgart Digital compliance and trust
Trust signalCompliance1 record
Boerse Stuttgart Digital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Boerse Stuttgart Digital leadership team
Management profileNumber of profiles
Boerse Stuttgart Digital subsidiaries and ownership
Company hierarchySubsidiaries4 records
Boerse Stuttgart Digital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Boerse Stuttgart Digital M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Boerse Stuttgart Digital
What does Boerse Stuttgart Digital do?
Boerse Stuttgart Digital operates a MiCAR-licensed crypto infrastructure platform offering brokerage, exchange, custody, staking, and tokenized assets services to retail and institutional customers across Europe. Through its BISON consumer trading app, BSDEX institutional exchange, and Boerse Stuttgart Digital Custody GmbH, it provides regulated access to 63 cryptocurrencies and white-label infrastructure enabling partner banks to offer crypto trading within their existing banking applications.
Is Boerse Stuttgart Digital a public or private company?
Boerse Stuttgart Digital is a private company. It is classified as corporate owned and is currently operating.
When was Boerse Stuttgart Digital founded?
Boerse Stuttgart Digital was founded in 2020. It employs 101 to 250 people.
Where is Boerse Stuttgart Digital based?
Boerse Stuttgart Digital is headquartered in Stuttgart, Germany, in the Europe region.
How does Boerse Stuttgart Digital make money?
Three revenue lines are on record. Retail Trading Fees (BISON) is the primary driver. The others are B2B Custody & Infrastructure Licensing and institutional Trading & Market Making (post-merger).
Who are Boerse Stuttgart Digital's main competitors?
Direct peers on record are Bitpanda, Binance, Crypto.com, Kraken, Bitstamp and Coinbase. Fireblocks is listed as an emerging player. Broad incumbents are Deutsche Börse, flatexDEGIRO and Trade Republic.
Does Boerse Stuttgart Digital have an API?
No public API is recorded for Boerse Stuttgart Digital.
What industry is Boerse Stuttgart Digital in?
Boerse Stuttgart Digital's product category is Digital Asset Trading Infrastructure. Its primary akta.pro industry code is FSADAAAA, Spot Crypto Exchanges (Order-Book & Matching Engine), with a secondary code of FSAFANAO, Digital Asset/Crypto Trade Execution Platforms. Its NAICS code is 523210 and its SIC code is 6200.