Liquidity Woes Force Bitpanda to Ditch London for Public Listing

Bitpanda, a leading cryptocurrency exchange based in Vienna, is considering a public listing but has ruled out the London Stock Exchange (LSE) due to concerns over liquidity. Co-founder Eric Demuth told the Financial Times that while the company is actively evaluating a public offering, the LSE is not a viable option at this time [1]. He emphasized that the current lack of liquidity on the exchange is a significant deterrent for companies seeking to go public [2].

Demuth highlighted that the LSE has seen a trend of companies shifting their primary listings abroad, with British fintech firm Wise recently voting to move its listing to New York. He expressed hope that the LSE would improve, but acknowledged that it is likely to face challenges in the near term [1]. Bitpanda is now considering potential listing venues in Frankfurt or New York, though no timeline has been announced [3]. The decision reflects a broader trend, as crypto firms increasingly look to the U.S. or continental Europe for capital market activity, where regulators and investors are perceived as more receptive [2].

The UK’s IPO market has seen a sharp decline, reaching a 30-year low in the first half of 2025. Data shows that fundraising from London listings has dropped significantly from its peak in 2021. While the UK has historically been a hub for fintech innovation, thin trading volumes and weak investor appetite have raised concerns about its ability to attract high-growth technology companies [2]. The UK’s challenges are further compounded by regulatory scrutiny and a perceived lack of friendliness toward digital assets, with some analysts arguing the country has failed to maintain its early advantage in distributed ledger technologies [2].

Bitpanda’s decision also aligns with the recent wave of crypto companies filing for U.S. listings. Gemini, the Winklevoss-founded exchange, filed for a Nasdaq listing, while blockchain lender Figure and crypto custodian BitGo have also submitted applications to the SEC. The New York Stock Exchange and Nasdaq have emerged as preferred venues, partly due to more favorable regulatory environments and stronger institutional investor participation [1]. The U.S. government’s support for digital assets has further reinforced this trend, with companies like Circle, issuer of the USD Coin stablecoin, securing significant capital through public offerings [2].

Despite launching operations in the UK and securing a sponsorship deal with Arsenal Football Club, Bitpanda’s revenue remains heavily concentrated in mainland Europe. This regional focus has likely influenced the firm’s strategic decision to explore markets where liquidity and regulatory clarity are more established. As crypto firms continue to seek public market access, the choice of listing venue is increasingly shaped by factors such as investor demand, regulatory environment, and market depth [3].

Source: [1] Bitpanda rules out London IPO over liquidity concerns (https://cointelegraph.com/news/bitpanda-rules-out-london-ipo-liquidity-frankfurt-new-york) [2] Peter Thiel-Backed Bitpanda Rejects UK Listing On Liquidity (https://finance.yahoo.com/news/peter-thiel-backed-bitpanda-rejects-050413945.html) [3] Bitpanda Considers Public Listing, Rules Out London as (https://www.coindesk.com/business/2025/08/26/bitpanda-considers-public-listing-rules-out-london-as-destination-ft)