Bitpanda Prepares for Public Markets as Europe Tightens Crypto Rules

The Austria-based crypto platform is targeting a valuation in the range of €4–5 billion ($4.7–5.4 billion), according to people familiar with the discussions.

While details are still fluid, the offering could happen as early as the first quarter of the year. The company is reportedly working with Citigroup, Goldman Sachs, and Deutsche Bank on the transaction, though the timing and structure have yet to be finalized.

Founded in 2014, Bitpanda has grown into one of Europe’s largest digital investment platforms, serving more than seven million users. Its product suite spans cryptocurrencies, tokenized assets and traditional investment products, positioning the company as a hybrid between a crypto exchange and a broader fintech platform.

Bitpanda’s current valuation target is not far off its last private-market milestone. In 2021, the company raised $263 million at a valuation of about $4.1 billion, earning it unicorn status and placing it among Austria’s most prominent tech startups.

Regulation-driven expansion reshapes Bitpanda’s IPO case

Over the past year, Bitpanda has aggressively strengthened its regulatory footing across Europe—an important factor for public investors. In January, it secured a MiCA license from Germany’s Federal Financial Supervisory Authority, followed by approval from the UK’s Financial Conduct Authority to offer more than 500 crypto assets to British users.

That regulatory momentum helps explain why Frankfurt has emerged as the preferred listing venue. Co-founder Eric Demuth previously indicated that London was ruled out due to liquidity concerns, leaving Frankfurt—and potentially New York—as more attractive options for a large-scale listing.

Bitpanda’s plans also fit into a broader wave of crypto firms eyeing public markets in 2026. Companies such as tZERO, Grayscale Investments, and Kraken have all taken formal steps toward IPOs, signaling renewed confidence in public listings after a volatile period.

That optimism, however, is tempered by recent history. Crypto-related IPOs in 2025 delivered uneven results, with some stocks surging initially before retreating as market enthusiasm cooled. The mixed performance of listings from firms like Circle and Gemini has made valuation discipline and regulatory clarity more important than ever.

For Bitpanda, the planned Frankfurt listing appears less about riding hype and more about cementing its role as a regulated, pan-European financial platform. If successful, the IPO could become one of the most significant crypto-related public debuts in Europe to date.

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