Bitpanda, an Austrian fintech company, is preparing for an IPO but has announced it will not be listing in London. Other markets, such as Frankfurt and New York, are being considered.
London IPO Market Struggles
According to the CEO of Bitpanda, London is no longer a suitable IPO venue due to low liquidity. Capital raised from London listings hit a 30-year low in the first half of the year, raising concerns about the UK’s competitiveness in the global financial market.
Shifting Focus to Other Markets
Bitpanda's decision reflects a broader trend of companies bypassing London in favor of more attractive markets. Other firms, such as Wise, have already shifted their focus abroad to attract investors.
Cryptocurrency Market Situation in the US
While London loses its status as a preferred IPO location, the US is becoming a more popular choice for cryptocurrency companies. Gemini has filed to list on Nasdaq, and firms like BitGo and Bullish are also planning market entries. Despite expanding in the UK, Bitpanda excludes London from its IPO plans.
Amidst a downturn in the UK IPO market, companies are increasingly looking to alternatives like Frankfurt and New York, highlighting the challenges London faces as a financial hub.
