Bitpanda Shuns London’s Struggling IPO Market for Stronger Financial Havens

Bitpanda, the Vienna-based cryptocurrency exchange backed by billionaire investor Peter Thiel, has ruled out a public listing on the London Stock Exchange (LSE), citing liquidity concerns as a primary factor in its decision. Eric Demuth, co-founder of Bitpanda, stated in an interview with the Financial Times that while the firm is still evaluating the possibility of an initial public offering (IPO), it is not currently considering the UK as a viable market for such a move. Instead, Bitpanda is exploring potential listing options in Frankfurt or New York, though no firm timeline has been announced [1].

The decision highlights the ongoing challenges facing the UK’s IPO market, which has seen a significant decline in fundraising activity over the past year. According to market data cited by the FT, the amount raised from London listings in the first half of 2025 fell to a 30-year low. This represents a steep drop from the 2021 peak, when fundraising reached £8.8 billion ($11.88 billion). By contrast, the UK raised only £160 million to £182.8 million in the first half of 2025 [2].

Demuth pointed to several companies that have already moved or are in the process of shifting their primary listings abroad in search of better liquidity and investor demand. One notable example is the British fintech firm Wise, which recently voted to transfer its primary listing to the New York Stock Exchange. This move underscores a broader trend in which companies are seeking more robust financial ecosystems to support their growth objectives [1].

Bitpanda’s rejection of the London market also comes amid growing concerns over the UK’s regulatory approach to the crypto sector. In June 2025, an independent think tank known as the Official Monetary and Financial Institutions Forum (OMFIF) noted that the UK had squandered its early-mover advantage in distributed ledger finance. Additionally, the UK has faced public scrutiny for its economic conditions, including high inflation, rising debt levels, and deteriorating infrastructure—issues that were humorously highlighted in a recent satirical video by Coinbase [1].

The broader shift in capital market activity is not limited to Bitpanda. Several crypto firms have recently filed for US listings, including Gemini, Figure, BitGo, and Bullish, a Thiel-backed exchange that listed on the New York Stock Exchange in July 2025. This trend indicates that US markets, particularly the NYSE and Nasdaq, have become more attractive for high-growth technology and crypto firms. These platforms are perceived to offer deeper liquidity, greater investor confidence, and a more favorable regulatory environment [2].

Bitpanda recently expanded into the UK, offering users the ability to trade over 600 digital assets. However, the company primarily generates its revenue from continental Europe. This regional focus further supports the rationale for pursuing a listing in a European market such as Frankfurt, where regulatory clarity and investor demand may be more aligned with the firm’s strategic goals [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)

[3] Crypto exchange Bitpanda latest to rule out UK listing (https://www.investmentweek.co.uk/news/4518078/crypto-exchange-bitpanda-rule-uk-listing-reports)