Bitpanda Shuns UK Listing Over Liquidity Woes Eyes Frankfurt or New York

Bitpanda, the crypto exchange backed by billionaire investor Peter Thiel, has ruled out the UK as a listing venue, citing inadequate liquidity on the London Stock Exchange (LSE). CEO Eric Demuth told the Financial Times that the company is now considering Frankfurt or New York for its public offering but has not yet set a timeline [1]. The decision underscores a broader trend of firms steering away from London in favor of markets with stronger capital flow and investor demand.

The UK’s IPO market has seen a dramatic decline, reaching a 30-year low in 2025. In the first half of the year, fundraising ranged between £160m and £182.8m, a stark contrast to the £8.8b peak in 2021 [1]. Even when secondary issues are included, the total remains historically weak. Demuth pointed to the recent primary listing shift of fintech firm Wise from London to New York as a sign of the market’s waning appeal.

Bitpanda’s reluctance to list in the UK is also influenced by its recent expansion into the country. The company currently derives most of its revenue from continental Europe, and Demuth emphasized the importance of aligning with jurisdictions that offer greater liquidity and regulatory clarity [1]. This approach is consistent with the strategies of other crypto firms, including Gemini, BitGo, and Bullish, which have all opted for U.S. listings. Earlier this year, Circle raised $1.05b on the NYSE at a valuation of around $8b [1].

London’s struggle to retain high-growth technology firms is evident in the shifting preferences of global companies. While the UK government has sought to position itself as a fintech hub, weak trading volumes and reduced investor interest have made it difficult to attract listings [1]. For Bitpanda, the move reflects a strategic shift toward jurisdictions where it can access deeper capital markets and maintain momentum in its growth trajectory.

The decision highlights the increasing importance of liquidity and regulatory environment in IPO strategies for crypto firms. With a decade of operations across Europe and support from prominent investors like Thiel, Bitpanda is following the path of its peers in seeking markets that better serve its financial ambitions. The company’s next steps will likely shape how other crypto exchanges approach public listings in the evolving financial landscape.

Source: [1] Financial Times (https://www.ft.com/markets)

[2] Cryptonews (https://cryptonews.com/news/peter-thiel-backed-bitpanda-rejects-uk-listing-liquidity-woes/)