Liquidity Woes Push Bitpanda to Ditch London for Global Markets

Bitpanda, the cryptocurrency exchange backed by billionaire Peter Thiel, has ruled out the United Kingdom as a potential listing venue due to concerns over weak liquidity in London’s financial markets. The company’s CEO, Eric Demuth, told the Financial Times that while Bitpanda is actively considering an initial public offering, the London Stock Exchange (LSE) is not on the table. Instead, the firm is weighing options in either Frankfurt or New York, though no timeline has been announced for the listing [1].

London’s IPO market has seen a dramatic decline in fundraising activity, reaching a 30-year low in the first half of 2025. Total fundraising from primary listings dropped to between £160 million and £182.8 million, a stark contrast to the £8.8 billion raised during the 2021 peak. When including secondary issues, the total remains among the weakest in decades, reflecting broader challenges for London as a global financial hub [1]. This trend is compounded by the fact that several high-profile firms, including British fintech Wise, have shifted their primary listings to the U.S. in search of deeper investor demand and better liquidity [1].

The decision aligns with a growing trend among crypto companies to pursue listings in the U.S. and continental Europe, where regulatory clarity and investor interest are perceived to be stronger. The New York Stock Exchange (NYSE) and Nasdaq have emerged as key destinations, aided by supportive regulatory environments and a growing influx of institutional capital. Earlier this year, Circle, the issuer of the USD Coin stablecoin, raised $1.05 billion on the NYSE at an $8 billion valuation. Similarly, the Winklevoss twins' Gemini exchange and crypto custodian BitGo have also filed for U.S. listings [1].

Bitpanda recently launched in the UK, but the majority of its revenue continues to come from continental Europe. Demuth acknowledged that the company is still early in its UK expansion and that liquidity in the region remains a concern. He also noted that London’s financial infrastructure is struggling to attract high-growth technology companies, which are increasingly seeking out markets with deeper trading volumes and stronger investor interest [1].

The firm’s decision highlights broader uncertainties in the UK’s financial landscape. While the government has sought to position itself as a global leader in fintech, recent developments—including a satirical critique from Coinbase over the state of the UK economy—suggest that investor confidence is waning [1]. Bitpanda’s move to explore listings in Frankfurt or New York underscores the importance of aligning with markets that offer greater liquidity and regulatory clarity, particularly in the fast-moving crypto space.

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[1] Bitpanda Rules Out London IPO Over Liquidity Concerns (https://cointelegraph.com/news/bitpanda-rules-out-london-ipo-liquidity-frankfurt-new-york)