Catenaa, Saturday, August 30, 2025- Bitpanda, the European crypto exchange backed by billionaire Peter Thiel, has ruled out a public listing on the London Stock Exchange, citing low liquidity and limited investor demand.
CEO Eric Demuth confirmed the company is now considering Frankfurt or New York for its initial public offering, with no firm timeline set.
Demuth highlighted London’s declining IPO market, which has fallen to a 30-year low this year, raising only £160 million to £182.8 million in the first half of 2025, compared with £8.8 billion in 2021.
He noted that Bitpanda’s UK operations are still nascent, with most revenue coming from continental Europe, making London less attractive for capital raising.
The move reflects a broader trend of crypto firms seeking listings in regions with deeper markets and more supportive regulatory frameworks. Exchanges such as Gemini, BitGo, and Thiel-backed Bullish have all targeted US venues like the NYSE and Nasdaq, which are benefiting from institutional capital inflows and favorable policies.
Circle’s $1.05 billion NYSE fundraising earlier this year underscores the appeal of American exchanges.
Bitpanda’s decision signals a strategic shift toward jurisdictions offering liquidity, investor enthusiasm, and regulatory clarity.
By aligning with markets in Frankfurt or New York, the Vienna-based exchange aims to follow the playbook of its peers, tapping global capital markets while avoiding underperforming venues.
Analysts say the move may boost access to institutional funding while positioning Bitpanda for long-term growth in the competitive crypto sector.
