Here’s why Bitpanda cancelled its London IPO

Bitpanda has shelved its plan to go public in London. The Austrian crypto broker says it is now looking at Frankfurt or New York as it evaluates the best path for future expansion.

Bitpanda, one of Europe’s biggest crypto platforms, has abandoned plans for an initial public offering on the London Stock Exchange. According to an Aug. 26 Financial Times report, the exchange cited weak liquidity on the LSE as driving its decision, now considering other options. 

The Vienna-based exchange had been weighing an initial public listing since October 2024, when reports first surfaced that it was considering a potential public listing.

Co-founder and CEO Eric Demuth said the London Stock exchange no longer provides the liquidity Bitpanda needs, adding that the firm is instead exploring listings in Frankfurt or New York, where capital pools are deeper and trading demand is higher.

Demuth described going public as part of Bitpanda’s long-term roadmap, but stressed that the choice of venue must match the scale of its ambitions. The IPO focus comes as Bitpanda continues to steadily expand its services and offerings. The exchange recently secured MiCA approval to operate as a crypto custodian in the EU, rolling out new services in Germany, France, and Spain.

As crypto.news previously reported, Bitpanda has also recorded its most successful year since launch, reporting $426 million in operating revenue for 2024. The milestone in profitability and scalability is prompting the exchange to consider larger listing venues, which could put it in line with larger peers like Coinbase, which listed on Nasdaq in 2021.

Regulatory concerns are likely another factor behind Bitpanda’s decision to move away from London. The U.S. is signaling a more welcoming stance toward the crypto industry, while regulations in the U.K. remain unclear, with the region often criticized for its strict approach to digital assets.

Meanwhile, Bitpanda’s bid also comes as IPOs gain traction among crypto firms.

Bitpanda joins crypto IPO trend 

Throughout this year, crypto companies have been dominating the public listing landscape. Stablecoin issuer Circle set the trend in June with a $1.2 billion offering on the New York Stock Exchange. The launch was widely successful and prompted a wave of firms to follow suit.

Earlier this month, the Peter Thiel-backed exchange Bullish debuted on the New York Stock Exchange, raising $1.1 billion. Shares priced at $37, above the $32–$33 range, giving the platform a $5.4 billion valuation. Institutional investors, including BlackRock and Ark Investment Management, anchored demand, buying up to $200 million in shares.

Meanwhile, crypto exchange Gemini is also preparing its own U.S. listing on Nasdaq under the ticker “GEMI.” Despite recording losses up to $282.5 million in revenue in the first half of 2025, the Winklevoss-backed exchange is betting on public markets to fund operations and expand its stablecoin business.

Bitpanda says it remains committed to a future listing. With the London Stock Exchange now ruled out, it remains to be seen where the exchange will ultimately go public.