The Austrian crypto exchange Bitpanda has paused its plans for an initial public offering (IPO) on the London Stock Exchange, considering alternative options.
Cancellation of London IPO
Bitpanda, one of Europe’s largest crypto platforms, has decided to cancel its planned IPO on the London Stock Exchange due to low liquidity and unfavorable market conditions. In a statement, Bitpanda confirmed that the lack of necessary trading volume was a key factor in this decision.
Searching for New Listing Venues
Bitpanda is now considering the possibility of an IPO in financial centers such as Frankfurt or New York. Co-founder and CEO Eric Demuth noted that the chosen venue must align with the scale of the company’s ambitions. "It is important to align the choice of listing venue with the scale of Bitpanda’s ambitions," he said.
Bitpanda's Business Model Expansion
Despite the canceled IPO, Bitpanda continues to expand its services and offerings. The exchange recently secured MiCA approval to operate as a crypto custodian in the EU and has started expanding its services in Germany, France, and Spain. The company’s success in 2024, during which it recorded a record revenue of $426 million, is also prompting reflections on public listing.
The future of Bitpanda’s IPO remains uncertain following the cancellation of its plans to list on the London Stock Exchange; however, the company is confidently considering alternative options for public listing.
