Bitpanda closes the door to London: IPO towards Frankfurt

Bitpanda has excluded — at least for now — the possibility of an IPO in London, due to a market at its lows: in the first half of 2025 in the United Kingdom, there are only 5 debuts for about £160 million, the lowest level since Dealogic has been collecting data starting from 1995.

The co-founder Eric Demuth clarified that the company is looking at Frankfurt or New York, emphasizing that «it will not be in London» in the short term. 

According to the data collected by our editorial team and from interviews with investment banks and advisors who follow listing processes in Europe, the preference for markets with greater depth and institutional coverage is a recurring factor in the strategic choices of issuers.

Market analysts we spoke with also emphasize how the new European regulatory framework — including the MiCA package, with guidelines published by ESMA on April 29, 2025 — is redefining the criteria of attractiveness for crypto and fintech companies. 

Reasons for the Withdrawal in London

It must be said that the scarsa liquidità of the London Stock Exchange weakens the pricing power for a primary listing and increases the risk of discounts during the placement phase. In this context, a market with greater profondità di libro ordini and a more active investor base becomes a priority for a fintech/crypto company like Bitpanda.

The context: UK IPO market at thirty-year lows

The numbers highlight the stagnation of the City in 2025:

• Debuts in the first half: 5
• Total collection: ~£160 million
• Historical comparison: lowest level since 1995

With a limited pipeline and limited capital, obtaining valuations and a free float consistent with ambitious growth plans becomes more complex. An interesting aspect is that the scarcity of deals also dampens the interest of new investors.

Implications for valuation and pricing

A structurally lower demand can translate into an offering price below expectations, with probable weakness in the post-IPO period.

For rapidly growing issuers, the choice of market significantly affects the multiples, the coverage by analysts, and the quality of the long-term investor base. In this context, the listing venue is not a detail, but a driver of execution.

The alternatives on the table: Frankfurt and New York

Bitpanda is exploring alternative options for listing, carefully evaluating the balance between regulation, liquidity, and international visibility:

• Frankfurt (Deutsche Börse): offers access to a vast pool of investors in the EU, a well-established regulatory framework for fintech and tech companies, and operational proximity to continental markets. For practical information on admission procedures and disclosure requirements, see the official guide of Deutsche Börse – Going Public.
• United States (NYSE/Nasdaq): provide greater market depth, a base of institutional investors specialized in technology and crypto, and often a more favorable pricing window for high-growth companies.

Rules and market climate: the United Kingdom under examination

The British strategy on digital assets has been the subject of criticism. According to the think tank OMFIF, the United Kingdom has not capitalized on the initial advantage in distributed finance, leaving room for competing markets.

In the face of these issues, several issuers are considering or have already undertaken listing migrations to markets with more substantial capital. It must be said that the regulatory theme remains central in the choice of location.

Crypto and stock markets: where the flow moves

In recent months, companies related to criptovalute and digital infrastructures have mainly looked to the USA, attracted by a more stable demand, by now mature ETF crypto, and by an investor base accustomed to high volatility business models.

Europe, and particularly Germany, remains a relevant hub for regulated operators and for those who prioritize alignment with the MiCA regulatory framework. For more information on the European regulatory framework, refer to the ESMA documentation on MiCA or our internal guide on the topic (In-depth: MiCA).

What it means for the City and for Europe

The choice of Bitpanda highlights a structural issue: without a rapid reactivation of the supply and a strengthening of the domestic demand for equity, London risks losing further key players in the technology sector to markets like New York and Frankfurt.

For the European ecosystem, a listing within the EU would allow capital and know-how to be retained in the single market, even though the competition with Wall Street remains intense.

Next steps: what we know

At the moment, Bitpanda has not set a precise calendar for the IPO, leaving several options open. The trajectory will depend on the opening of the market window and the liquidity conditions in the considered markets.

An interesting aspect is that the timing could change with even rapid movements of sentiment. For those looking for a practical guide on the technical and temporal steps of an IPO, see our dedicated guide (How to go public: checklist).

FAQ

Can Bitpanda reconsider London?

Yes. If the liquidity and demand on the LSE were to improve credibly, the listing in the UK could be reconsidered.

What are the main options today?

The main options are Francoforte and New York, which respectively present a trade-off between the EU regulatory framework and the US market depth.

Which factors will determine the final choice?

The final decision will depend on the expected evaluation, the quality of the investor base, sector visibility, regulatory stability, and execution timing.