Peter Thiel-backed Bitpanda Eyes Frankfurt IPO in First Half of 2026

Bitpanda GmbH, the Austria-based cryptocurrency trading platform, is preparing for an IPO on the Frankfurt Stock Exchange in the first half of 2026. The company has engaged Goldman Sachs, Citigroup, and Deutsche Bank to manage the offering, signaling strong institutional backing for the move. Bitpanda aims to achieve a valuation between €4 billion and €5 billion, according to sources familiar with the discussions.

The IPO would mark a significant step for Bitpanda, which has expanded its services beyond cryptocurrency trading to include equity derivatives and commodities. It would also provide a much-needed boost to Europe's equity capital markets, which have struggled to attract large venture-backed listings in recent years.

Bitpanda had previously considered a New York listing but has now shifted focus to Frankfurt. This decision aligns with the company's strategic goal to establish a strong presence in Europe's largest financial market.

What Drives the IPO Timeline?

Bitpanda's decision to pursue an IPO now reflects both strategic and market factors. The company has grown to seven million users since its founding in 2014. A successful public listing would allow Bitpanda to raise capital for further expansion and reinforce its position as a regulated and compliant player in the crypto industry.

Regulatory clarity has also played a role. Bitpanda's timing coincides with the implementation of the Markets in Crypto-Assets (MiCA) regulation in the EU, which has created a more stable environment for crypto firms seeking public listings.

What Role Will Goldman Sachs and Citigroup Play?

Goldman Sachs, Citigroup, and Deutsche Bank have been appointed as lead underwriters for the offering, indicating strong confidence in Bitpanda's financial and operational performance. These banks will be responsible for structuring the IPO, setting pricing, and managing investor demand.

The involvement of these major financial institutions also reflects a broader trend of traditional Wall Street players increasing their exposure to the crypto sector. Bitpanda's IPO is expected to follow a similar path to recent crypto listings, such as Kraken and Bullish, which raised significant capital in late 2025.

What Does This Mean for European Fintech?

Bitpanda's IPO could serve as a test case for the viability of European-based crypto firms in public markets. As one of the continent's most prominent fintech unicorns, Bitpanda's success in going public could encourage other European crypto companies to pursue similar strategies.

The Frankfurt Stock Exchange has become a hub for fintech and crypto listings in recent years, with companies like Raisin and Celonis having gone public in 2026. Bitpanda's entry into this space could further strengthen Frankfurt's position as a key financial center for digital assets;

What Are the Key Risks and Opportunities?

Despite the strong support from institutional underwriters, Bitpanda's IPO still faces several risks. The company must demonstrate consistent revenue growth and solid financial management to attract institutional investors. The broader crypto market remains volatile, and Bitpanda's performance could be affected by market sentiment at the time of the offering.

On the other hand, a successful IPO could provide a stable source of capital for Bitpanda to expand its services, including its recent collaboration with Deutsche Bank to launch a crypto custody service. This partnership has added credibility to Bitpanda's operations and is expected to play a role in attracting institutional investors;

What Should Investors Watch For?

Investors should closely monitor the final valuation range and the timing of the offering, both of which could impact the company's performance in the public markets. The choice of Frankfurt over New York or London reflects Bitpanda's strategic priorities and regulatory considerations.

The IPO could also serve as a benchmark for other European crypto firms seeking to go public in 2026. If Bitpanda's offering is successful, it could pave the way for more crypto and fintech companies to access traditional capital markets.