Bitpanda Plans Frankfurt IPO with $5 Billion Valuation Target for 2026

TLDR

• Bitpanda is planning an IPO in Frankfurt for 2026 with a target valuation between €4 billion and €5 billion ($4.7-5.8 billion)
• The crypto platform has hired Citigroup, Goldman Sachs, and Deutsche Bank to work on the IPO, which could happen as early as Q1 2026
• Bitpanda serves over 7 million users across Europe and holds approximately 60% of Austria’s domestic crypto trading market
• The company chose Frankfurt over London due to liquidity concerns and secured MiCA licenses in Germany and UK approval in 2024
• Bitpanda joins several crypto companies including Kraken, Grayscale, and tZERO planning public listings in 2026

Austrian crypto trading platform Bitpanda is preparing for an initial public offering in Frankfurt with a target valuation between €4 billion and €5 billion. The company has tapped three major investment banks to help execute the listing.

Bitpanda is working with Citigroup, Goldman Sachs, and Deutsche Bank on the potential IPO. The listing could take place as early as the first quarter of 2026, according to Bloomberg sources familiar with the matter.

The Vienna-based platform was founded in 2014 and has grown to serve more than 7 million users across Europe. The company offers crypto trading services and investment products to retail customers in the region.

In 2021, Bitpanda raised $263 million in a funding round that valued the company at $4.1 billion. This made it one of Austria’s first unicorn startups.

The company expanded its regulatory footprint throughout 2024. In January, Bitpanda secured a MiCA license from Germany’s Federal Financial Supervisory Authority. The following month, it received approval from the UK’s Financial Conduct Authority to offer more than 500 crypto assets.

Geographic Strategy and Market Position

Bitpanda’s co-founder Eric Demuth ruled out London as a potential listing venue during an August interview with the Financial Times. He cited liquidity concerns with the London market and said the company was weighing Frankfurt or New York instead.

According to consultancy firm EY, Bitpanda accounts for nearly 60% of Austria’s domestic crypto trading market. This gives the company a dominant position in its home market.

The company has not disclosed specific trading volumes. However, its user base of over 7 million makes it one of the larger retail crypto platforms operating in Europe.

Wave of Crypto IPOs Planned for 2026

Several other digital asset companies have announced plans to go public in 2026. Crypto exchange Kraken filed a draft registration statement with the SEC in November after raising $800 million at a $20 billion valuation.

Digital asset manager Grayscale Investments filed a registration statement with the SEC as part of its plans to list on the New York Stock Exchange. The company is proposing to list its Class A common stock.

In October, tZERO said it was targeting a US IPO for 2026. The company operates blockchain-based infrastructure for tokenized securities.

Crypto companies that went public in 2025 saw mixed results. While some saw strong early gains, shares of Circle, Gemini, and Bullish later pulled back from their post-IPO highs.

The planned Bitpanda IPO represents another test case for crypto companies entering public markets. The company’s listing timeline could still change, as no final decisions have been made according to sources.

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