Boerse Stuttgart Seeks to Build on Its Digital and Crypto Success

What changed in your business over the last year and what was your biggest achievement? 

2024 was a year of continued transformation and bold growth for us. We achieved all-time high revenues; our revenues are now twice as high as they were five years ago. While volumes across our platforms in Germany, Sweden and Switzerland grew by more than 15%, our brokerage business delivered excellent results as well. In 2024, we also massively scaled our digital and crypto business – which now accounts for one fourth of our group's revenues! Among the key drivers: Our digital partnerships with major financial institutions across Europe to jointly deliver regulated digital and crypto trading and custody solutions to millions of customers.

What is the most important project this year? 

2025 is all about further scaling our business and continuing on our growth trajectory. While there is not one most important project, we have one clear top strategic priority: Expanding our leadership in digital and crypto, leveraging the power of blockchain technology to also bring our classic exchange business into the next growth curve. Last year, we successfully passed the trials of the European Central Bank for the settlement of tokenised financial instruments – the first settlement of such instruments against central bank money in Europe. Now that we know our technology, structures and frameworks work, we will build a truly European digital issuance and settlement platform.

What are you most excited for in 2025? 

Contributing to digital and crypto growth. Europe is among the leaders in digital and crypto in capital markets, driving regulatory harmonisation with frameworks like MiCAR (Markets in Crypto Assets Regulation) and embracing tokenisation. MiCAR is a landmark regulation for cryptocurrencies, addressing investor protection, market integrity and transparency. Having built the largest digital and crypto business of all the European exchange groups, we are well-positioned to drive the further market adoption of cryptocurrencies and tokenised financial instruments across the continent – and beyond.

What are your biggest opportunities? 

Our biggest opportunity lies in becoming the trusted infrastructure partner of choice for leading financial institutions as the digital and crypto capital markets ecosystem keeps emerging. Leading financial institutions expect infrastructure partners that stand for security, reliability and expertise, while at the same time being highly innovative, agile and entrepreneurial. I believe that we can deliver on their expectations.

What do you see as the key themes for your exchange group and market infrastructure in 2025? 

In addition to the ones I already mentioned: future technologies. Exchange groups need to not only embrace, but lead in "ABC": AI, blockchain and cloud. These technologies are pivotal for unlocking true innovation in market infrastructure and capital markets more broadly. AI will drive smarter decision-making and democratisation, while blockchain will improve access and efficiency, addressing the critical need for transparency and security. And cloud is a key catalyst. In combination, these three technologies will bring disruption. As always, disruption will create winners and losers. Exchange groups that are thought and technology leaders will be among the winners. Apparently, the ever-shifting political dynamics globally add another layer of complexity – and opportunity. For instance, which region will become the “digital and crypto capital of the world”? The race is on.