Crypto exchange Bitpanda, backed by billionaires Peter Thiel and Alan Howard, announced its decision not to conduct an IPO in London, citing low liquidity and trading activity on the London Stock Exchange.
Abandoning IPO in London
Co-founder Eric Demuth told the Financial Times that the exchange will not proceed with a listing in London due to insufficient liquidity on the LSE. He noted that the company is exploring alternative locations such as Frankfurt or New York, although no timeline has been set.
Comparison with Other Exchanges
Demuth warned that the LSE currently seems sluggish and may struggle in the coming years, though he hopes for improvement. He highlighted that other companies, such as fintech firm Wise, have moved their listings abroad for better investor access.
The State of London’s IPO Market
London's IPO market is at a 30-year low, raising concerns over the city’s ability to compete globally. Critics argue that the UK’s cryptocurrency policies have not helped, with many crypto firms now seeking public listings in the U.S.
Although Bitpanda will not list in London, it continues to expand its presence in the UK by offering over 600 digital assets.
