Why Bitpanda Bypassed London in Its IPO Quest

Bitpanda, a prominent European cryptocurrency exchange, has ruled out a public listing in London due to concerns over liquidity and market conditions on the London Stock Exchange (LSE). Co-founder Eric Demuth disclosed in interviews with the Financial Times that while the company is actively exploring a public listing, the UK is not a viable option at this stage. "Currently, liquidity-wise, the LSE is not doing too well," Demuth remarked, highlighting that the LSE has struggled with weak trading volumes, deterring many companies from listing there [1].

Instead, Bitpanda is considering potential listings in Frankfurt or New York, though no specific timeline has been announced. Demuth noted that the U.S. market offers a more favorable regulatory environment and stronger investor demand for digital assets. This aligns with a broader trend of crypto and fintech firms moving their listings to the U.S., where recent examples include Gemini, Figure, and Bullish. The New York Stock Exchange and Nasdaq have seen increased activity from crypto-related companies, supported in part by more accommodating regulatory approaches [2].

The decision to exclude London from the listing strategy reflects the UK’s broader struggles in the IPO market. According to recent data, fundraising through London IPOs has reached a 30-year low, with only £160m to £182.8m raised in the first half of 2025—far below the £8.8b peak in 2021 [3]. Additionally, the UK has faced criticism for its approach to regulating crypto assets, with analysts suggesting that it has lost its early-mover advantage in distributed ledger technology. This has prompted several firms, including fintech firm Wise, to shift their primary listings to the U.S., where liquidity and investor appetite are stronger [1].

Despite ruling out London, Bitpanda has recently expanded its presence in the UK, allowing users to trade over 600 digital assets and securing a high-profile sponsorship with Arsenal Football Club. However, the company continues to generate most of its revenue from mainland Europe, which further supports its interest in listing in Frankfurt. The European market remains a key operational and revenue base for the Austrian firm, and a listing in Germany could provide stronger alignment with its core business strategy [2].

The broader crypto sector has also shown a clear preference for U.S. public markets. The launch of Bullish on the NYSE and the SEC filings from several other crypto firms underscore the appeal of U.S. exchanges. Demuth noted that the U.S. market is more receptive to digital assets, offering both regulatory clarity and robust investor engagement, which are critical for a successful IPO [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] Bitpanda Considers Public Listing, Rules Out London as ... (https://finance.yahoo.com/news/bitpanda-considers-public-listing-rules-085330432.html)

[3] Peter Thiel-Backed Bitpanda Rejects UK Listing On Liquidity ... (https://finance.yahoo.com/news/peter-thiel-backed-bitpanda-rejects-050413945.html)