Bitpanda Targets Frankfurt IPO With Up to $5.5B Valuation

Bitpanda is preparing for an initial public offering (IPO) in Frankfurt as early as the first quarter of 2026. The Austrian cryptocurrency trading platform is targeting a valuation between €4 billion and €5 billion for the listing, according to sources familiar with the matter.

Goldman Sachs Group Inc., Citigroup Inc., and Deutsche Bank AG are acting as lead underwriters for the offering. The company has not yet finalized details of the IPO, including timing, but a first-quarter listing remains a possibility.

Bitpanda had previously considered a listing in New York, and in 2025, co-founder Eric Demuth stated the UK market lacked sufficient liquidity for a successful float. The company has now shifted its focus to Frankfurt, where it believes market conditions are more favorable.

The move to Frankfurt aligns with Bitpanda's broader strategy to access deeper liquidity and attract institutional investors. The platform, founded in 2014, serves over 7 million users across Europe and holds a dominant position in Austria's crypto market.

Why Did This Happen?

The decision to list in Frankfurt comes as Europe's equity capital markets see renewed interest in crypto-related listings. Bitpanda's IPO would provide the company with additional capital to expand its services in crypto, equity derivatives, and commodities.

The firm previously raised $263 million in 2021 at a valuation of $4.1 billion. It now aims to grow further by accessing public market funding, with an eye toward strengthening its balance sheet and supporting regulatory compliance under the EU's Markets in Crypto-Assets (MiCA) regime.

Bitpanda's leadership changes also play a role in the decision. Eric Demuth has moved to a chairman role at the firm's Swiss holding company, while Lukas Enzersdorfer-Konrad now serves as CEO.

How Did Markets Respond?

Frankfurt's stock exchange has become a preferred listing venue for venture-backed European tech and fintech companies in recent months. Bitpanda's entry would add to a growing list of crypto firms seeking public market financing. Kraken and Grayscale have also filed for IPOs, while BitGo is preparing for a U.S. listing.

The Frankfurt listing could also benefit from Germany's regulatory environment. Deutsche Bank plans to launch a crypto custody service in 2026 and has partnered with Bitpanda's technology unit, Taurus, for digital asset infrastructure.

The MiCA regulatory framework is another factor. The EU's rules require crypto firms to obtain licensing and meet compliance standards by June 30, 2026. Bitpanda has already secured a MiCA license in Germany and is expanding its European footprint.

What Are Analysts Watching Next?

Investors and analysts are closely watching Bitpanda's valuation expectations, which range from €4 billion to €5 billion. That would place the firm among the most valuable crypto platforms in Europe. The company's performance in the public markets will depend on broader crypto market trends and regulatory clarity.