Bitpanda Bets on Global Markets as London’s Liquidity Wanes

Bitpanda, the Vienna-based cryptocurrency exchange, has decided to forgo a potential initial public offering (IPO) on the London Stock Exchange (LSE), citing liquidity concerns as a primary factor. Co-founder Eric Demuth confirmed the decision to the Financial Times, emphasizing that while the company is actively exploring a public listing, it will not be in London. Instead, Bitpanda is considering listing in either Frankfurt or New York, though no definitive timeline has been set [1].

Demuth pointed to the LSE’s struggling liquidity as a major deterrent. He noted that several firms, including fintech company Wise, have already shifted or are in the process of moving their primary listings abroad in pursuit of better investor access and deeper liquidity [2]. According to market data, London's IPO market has hit a 30-year low in 2025, with the total amount raised in the first half of the year dropping to as little as £160 million ($216 million) compared to £8.8 billion ($11.88 billion) in 2021 [2]. This trend has raised concerns about the UK’s ability to compete with other global financial hubs.

The UK’s broader economic challenges have also been under scrutiny. Analysts from the Official Monetary and Financial Institutions Forum (OMFIF) recently highlighted that the UK has failed to capitalize on its early advantage in distributed ledger technology. Meanwhile, satirical critiques, such as a recent video released by Coinbase, have further underscored the nation's economic struggles, juxtaposing upbeat lyrics with imagery of inflation, poverty, and infrastructure decay [1].

Bitpanda's decision reflects a growing trend among cryptocurrency firms seeking public listings in the U.S. or continental Europe, where regulatory environments and investor appetite are perceived as more favorable. For example, Gemini, a crypto exchange founded by the Winklevoss twins, recently filed with the U.S. Securities and Exchange Commission (SEC) for a Nasdaq listing. Similarly, other U.S.-bound firms include blockchain lender Figure, crypto custodian BitGo, and Thiel-backed Bullish, which listed on the NYSE this month [1].

The firm has also recently expanded its presence in the UK, enabling users to trade over 600 digital assets. However, the majority of its revenue still originates from continental Europe. This regional dynamic may influence its decision to pursue a listing in Frankfurt or New York, both of which offer more liquid markets and favorable regulatory climates. With the U.S. market benefiting from supportive policies and increased institutional capital, particularly under the current administration, New York and Nasdaq have emerged as leading IPO destinations [2].

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)