Bitpanda Considers Frankfurt IPO in 2026 With €5B Valuation Target

Bitpanda GmbH, a European cryptocurrency trading platform, is preparing for an initial public offering (IPO) in Frankfurt, Germany, as early as the first half of 2026. The company is targeting a valuation between €4 billion and €5 billion for the listing. Bitpanda has enlisted Goldman Sachs, Citigroup, and Deutsche Bank to manage the offering.

The decision to list in Frankfurt reflects the company's assessment of market liquidity and regulatory conditions. Bitpanda previously considered a London listing but ruled it out due to low trading volumes. Co-founder Eric Demuth has said the firm is evaluating New York and Frankfurt as potential listing venues.

The IPO would be among the largest in Europe's crypto sector. Bitpanda has 7 million users and operates in several European countries. Its partnership with Deutsche Bank, including plans to launch a crypto custody service in 2026, could reinforce its position in the German market.

Why Did This Happen?

The Frankfurt listing aligns with broader trends in crypto regulation and market development. The European Union's Markets in Crypto-Assets (MiCA) framework has provided clearer guidelines for digital asset companies. This regulatory clarity has encouraged more crypto firms to consider public listings.

Bitpanda's decision also reflects confidence in Germany's financial market infrastructure. The country has emerged as a hub for fintech and crypto innovation. Deutsche Bank's support through the custody service and other partnerships has added to this momentum.

Public market activity in the crypto sector saw mixed results in 2025. While some companies like Circle and Bullish saw strong initial performance, others faced challenges in maintaining post-IPO momentum. Bitpanda's listing will be a key test of investor sentiment in 2026.

What Are Analysts Watching Next?

Analysts are closely monitoring the timing and structure of Bitpanda's IPO. The company has not finalized its valuation or timeline, and details could still shift. The final decision may depend on market conditions and regulatory developments.

The Frankfurt market will need to demonstrate strong liquidity and investor confidence to support a large crypto IPO. If successful, Bitpanda's listing could signal a broader shift in European capital markets. It may also influence other crypto firms considering public offerings in the region.