Bitpanda, a cryptocurrency exchange backed by Peter Thiel, has opted not to list on the London Stock Exchange due to liquidity concerns.
Bitpanda's Strategic Move
Bitpanda, backed by venture capitalist Peter Thiel, has decided against listing on the London Stock Exchange. The primary reason cited is the weak liquidity and poor trading volumes observed on the exchange. CEO Eric Demuth highlighted the struggle of the LSE in terms of liquidity, noting a broader movement away from London. Bitpanda is now considering Frankfurt or New York for a potential public offering.
Market Context and Trends
This decision reflects a continuing trend where companies are opting for alternatives to London's listing market, which suffers from diminished IPO activities. London raised only ~$215M to ~$248M in H1 2025, marking a historical low. Such shifts are impacting perceptions of the UK capital market's attractiveness, especially in fintech and crypto sectors.
Future Prospects and Strategic Directions
Stakeholder confidence in more liquid and capital-abundant markets, like New York, is increasing. No immediate impact on cryptocurrencies like BTC or ETH is observed, with Bitpanda's UK operations continuing unaffected. Eric Demuth, CEO & Co-Founder, Bitpanda, remarked on the current state: 'Currently, liquidity-wise, the LSE is not doing too well ... I hope that it gets better, but over the next few years, I think the LSE is struggling a bit.'
Bitpanda's decision signifies a shift in approaches to company listings and highlights the challenges faced by London as an IPO hub.
