Peter Thiel-Backed Bitpanda Avoids UK IPO, Focuses on New York or Frankfurt

TLDR

• Bitpanda, the crypto exchange backed by Peter Thiel, has decided against a UK listing due to liquidity concerns.
• CEO Eric Demuth confirmed that the company is now considering Frankfurt or New York for its public offering.
• The UK IPO market has fallen to a 30-year low, with only £160m to £182.8m raised in the first half of 2025.
• Bitpanda generates most of its revenue from continental Europe, reducing the incentive to list in the UK.
• Many crypto firms are opting for the US or European markets due to better liquidity and regulatory clarity.

Bitpanda, the cryptocurrency exchange backed by billionaire Peter Thiel, has ruled out the UK for its upcoming public offering. The company cited low liquidity on the London Stock Exchange (LSE) as a key reason for this decision. CEO Eric Demuth confirmed that the exchange is now considering Frankfurt or New York as potential listing venues.

Bitpanda Skips UK IPO Due to Weak Liquidity

In an interview with the Financial Times, Demuth emphasized that the London Stock Exchange no longer offers the liquidity required for a successful listing. “London is not on the table,” Demuth stated, pointing to the UK’s IPO market, which has fallen to its lowest levels in 30 years. He added that many companies are increasingly turning to the New York Stock Exchange or European markets to tap into better liquidity and investor demand.

The UK’s IPO market has struggled in recent years, and the first half of 2025 saw only £160m to £182.8m ($216m to $247.8m) raised. This figure is a far cry from the £8.8b ($11.88b) raised at the market’s peak in 2021. This trend highlights the challenges the LSE faces in competing with stronger markets in the US and continental Europe.

Increasing Preference for Continental Europe and the US

The decision to bypass the UK reflects a broader shift among crypto firms, many of which are now choosing to list in the US or continental Europe. Demuth pointed out that Bitpanda continues to generate most of its revenue from continental Europe, further decreasing the incentive to list in the UK. Many crypto companies are turning to more investor-friendly environments with greater regulatory clarity, which is increasingly found in the US.

The New York Stock Exchange and Nasdaq have become preferred destinations for crypto firms, due to their larger markets and more favorable policies. This shift has been particularly evident among exchanges like Circle, which raised $1.05b on the NYSE earlier this year. Bitpanda, with strong backing and nearly a decade of operations across Europe, is now positioning itself to follow suit.

The Global Push for Liquidity and Regulation

Bitpanda’s choice to bypass the UK is part of a broader strategy to align with markets that offer liquidity, precise regulation, and investor enthusiasm. The company aims to follow in the footsteps of other crypto firms that have successfully listed abroad. With prominent investors backing its growth, Bitpanda is positioning itself to tap into the global capital markets for its future public offering.

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