Quick Summary:
- Bitpanda rules out the London Stock Exchange, citing poor liquidity.
- CEO Eric Demuth eyes Frankfurt or New York for IPO.
- The move reflects a broader trend of crypto firms favouring US and EU markets.
Bitpanda, the Vienna-based crypto exchange backed by billionaire investor Peter Thiel, has confirmed it will not pursue a London Stock Exchange (LSE) listing, citing poor liquidity on the bourse. CEO Eric Demuth told the Financial Times that the company is instead weighing Frankfurt or New York as more viable venues for its eventual public offering.
Liquidity Concerns Sideline London
Demuth highlighted the LSE’s struggle with attracting strong investor demand, a factor that has already driven several companies to shift away from the UK market. He pointed to British fintech Wise, whose shareholders recently voted to move its primary listing to New York, citing deeper liquidity and more favourable investor appetite.
Peter Thiel-backed crypto exchange Bitpanda rules out UK listing https://t.co/qgJa9s9G7N
— Financial Times (@FT) August 26, 2025
According to Demuth, London’s limitations in trading volumes and institutional participation make it unattractive for fast-growing firms in need of global capital access. “London is simply not on the table,” he said, underscoring that Bitpanda still generates the majority of its revenue from continental Europe despite launching in the UK recently.
Crypto Firms Gravitate to US and EU Markets
Bitpanda’s stance aligns with a broader trend among crypto companies opting for listings in the United States or continental Europe, where regulators and investors are seen as more supportive of digital asset ventures.
Earlier this year, Circle, the issuer of USD Coin (USDC), raised $1.05 billion on the New York Stock Exchange at an $8 billion valuation. Bullish, another Thiel-backed exchange, is also listed on the NYSE, while Gemini and BitGo have filed for US listings.
Bitpanda has not disclosed a timeline for its public debut but confirmed its focus will remain firmly outside London.
Notably, Bitpanda has secured a major regulatory win, becoming the first major crypto platform to obtain a MiCAR (Markets in Crypto-Assets Regulation) license from Germany’s Federal Financial Supervisory Authority (BaFin). The license grants the exchange passporting rights across all EU member states, enabling it to expand services under a unified regulatory framework.
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