Bitpanda’s co-founder, Eric Demuth, has confirmed that the Vienna-based cryptocurrency exchange is ruling out a listing on the London Stock Exchange due to persistent liquidity challenges. Instead, the company is evaluating potential initial public offering (IPO) options in either Frankfurt or New York, though no final decision or timetable has yet been established.
Why London Was Off the Table
Demuth emphasized that the London market continues to struggle with low trading volumes and a prolonged downturn in capital raising activity—issues that make the UK an unattractive option for Bitpanda’s IPO ambitions. This aligns with the trend of several fintech firms shifting focus away from London, citing similar concerns.
Attractive Alternatives: Frankfurt and New York
Bitpanda is now considering the Frankfurt stock market, recognized for its robust infrastructure and central location within the European financial ecosystem. Simultaneously, New York is also being evaluated—especially appealing due to strong U.S. government support for the crypto sector, which has spurred renewed market optimism.
Context: Bitpanda’s Strategy & Backing
Founded in 2014, Bitpanda has grown rapidly and was valued at over $4 billion in 2021. The company reported strong momentum with €393 million in revenue last year and continues to expand its footprint—recently launching services in the UK and becoming a sponsor of a prominent football club. The majority of its operations and revenue, however, stem from continental Europe, further contributing to the decision against a UK listing.
Broader Industry Movement
Bitpanda’s decision reflects a broader shift, with other crypto firms—including prominent names like Figure Technology Solutions, Gemini, and BitGo—also pursuing U.S. listings. These moves underscore investors’ and exchanges’ growing preference for more liquid markets and favorable regulatory environments.
