Bitpanda, the Austrian cryptocurrency exchange, has decided to abandon its plans for an IPO on the London Stock Exchange in favor of more promising markets. The main reason is the weak liquidity in the UK market.
State of IPOs in London
In the first half of 2025, only 5 companies managed to list on the London Stock Exchange, raising £160 million (approximately $219 million), the lowest since 1995. This underscores a sharp decline in investor interest in London IPOs.
Bitpanda's Choice: Frankfurt or New York
Bitpanda's CEO Eric Demuth stated that the company is considering moving to Frankfurt or New York, highlighting deeper liquidity pools and higher investor demand in these cities. He noted that similar decisions have been made by other companies, such as Wise.
Bitpanda's IPO Preparation
Bitpanda is not only discussing the possibility of an IPO but is also actively preparing for it. In early 2025, Germany's financial regulator BaFin granted Bitpanda a MiCA license, creating the legal groundwork for a Frankfurt listing. Additionally, there have been leadership changes within the company that could be seen as part of IPO preparation.
According to recent reports, Bitpanda's decision to reject a London IPO is tied to the insufficient liquidity of the market. The planned shift towards more stable and lucrative financial venues reflects the ongoing trend of capital migration in search of better growth conditions.
