Bitpanda rules out London IPO, eyes Frankfurt or New York
Bitpanda co-founder Eric Demuth announced that the Vienna-based crypto exchange will not pursue a public listing in London. The company is evaluating Frankfurt and New York as potential venues, with New York described by Demuth as the more likely option.
Demuth cited low trading liquidity on the London Stock Exchange (LSE) as the primary reason for ruling out the UK market. In a comment to the Financial Times, he noted that LSE's liquidity is currently weak. He expects the London exchange to face some challenges over the next few years but remains hopeful that conditions will improve.
Bitpanda has not set a timeline for its public listing, and co-founder Eric Demuth said a New York listing is more likely while Frankfurt also remains under consideration. The company also has not disclosed whether it would pursue a traditional IPO or a direct listing format.
Bitpanda has not set a timeline for its public listing, and co-founder Eric Demuth said a New York listing is more likely while Frankfurt also remains under consideration. The company also has not disclosed whether it would pursue a traditional IPO or a direct listing format.
The decision comes during a particularly challenging period for London's IPO market. Funds raised through new listings in the first half of 2025 hit a three-decade low, raising questions about the UK market's ability to attract high-profile companies.
Bitpanda serves both retail and institutional clients, providing access to cryptocurrencies, tokenized commodities, and other digital instruments across several European jurisdictions, having obtained regulatory approvals to expand its product offerings and partnerships.
The crypto exchange has backing from investors connected to Peter Thiel and recently expanded its UK operations, offering trading in more than 600 digital assets.
Bitpanda's rejection of London aligns with a broader trend among European technology and fintech companies exploring U.S. capital markets. American exchanges typically offer higher daily trading volumes and deeper pools of sector-focused investors compared to European venues.
Moreover, the U.S. market offers higher initial liquidity, broader opportunities for index inclusion, and more extensive analyst coverage.
Bitpanda serves both retail and institutional clients, providing access to cryptocurrencies, tokenized commodities, and other digital instruments across several European jurisdictions, having obtained regulatory approvals to expand its product offerings and partnerships.
The crypto exchange has backing from investors connected to Peter Thiel and recently expanded its UK operations, offering trading in more than 600 digital assets.
Bitpanda's rejection of London aligns with a broader trend among European technology and fintech companies exploring U.S. capital markets. American exchanges typically offer higher daily trading volumes and deeper pools of sector-focused investors compared to European venues.
Moreover, the U.S. market offers higher initial liquidity, broader opportunities for index inclusion, and more extensive analyst coverage.
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