Bitpanda, a crypto exchange backed by billionaire investors Peter Thiel and Alan Howard, has decided not to go public in London. The company says the London Stock Exchange (LSE) lacks sufficient trading activity and liquidity, making it difficult for companies to attract investors.
Speaking to The Financial Times, Co-Founder Eric Demuth said that the exchange is exploring potential listings, but “it will not be in London.” Instead, the company is weighing Frankfurt or New York, though no timeline has been decided.
Demuth warned that the LSE looks sluggish right now and may stumble further in the years ahead. However, he hopes it will improve over time. He also noted that other companies, like fintech firm Wise, have moved their listings abroad for better investor access.
Founded in 2014, Bitpanda is one of Europe’s biggest digital asset exchanges and was valued at $4.1 billion in 2021. It reported €393 million in revenue in 2024.
Even though it won’t list in London, Bitpanda recently launched in the UK, offering over 600 digital assets to trade. The company also signed a sponsorship deal with Arsenal Football Club.
London’s IPO Struggles
London’s IPO scene is on life support. The UK’s IPO market is at a 30-year low, with very little capital raised from new listings this year. This has raised concerns about London’s ability to compete with other global financial hubs.
Critics say crypto policy hasn’t helped either. In June, analysts at the think tank OMFIF said the country missed its early advantage in blockchain and distributed ledger finance. Last month, Coinbase released a satirical video highlighting problems in the UK economy, showing issues like poverty, inflation, debt, and crumbling infrastructure.
Many crypto firms are also looking to the U.S. now for public listings. Recently, companies like Gemini, Figure, BitGo, and Bullish have filed for U.S. stock market listings.
