UK Listing? Not For Bitpanda—Liquidity Concerns Derail Plans

Bitpanda, the Vienna-born crypto exchange backed by investor Peter Thiel, has told markets it will not seek a listing in London as it plans its path to the public markets.

Bitpanda And London’s Adrift IPO Market

Reports have disclosed that the UK’s IPO market has slid to its weakest level in three decades. In the first half of 2025, roughly $215 million to nearly $248 million was raised, compared with a 2021 peak of $11.88 billion.

Even when secondary issues are counted, the totals remain the lowest in decades. Investors and bankers point to thin trading and low liquidity as core reasons.

According to the Financial Times, CEO Eric Demuth said the company is weighing Frankfurt or New York instead and that London is “not on the table.” No firm timetable was given.

Peter Thiel-backed crypto exchange Bitpanda rules out UK listing https://t.co/qgJa9s9G7N

— Financial Times (@FT) August 26, 2025

Demuth has been blunt about liquidity. He told reporters that many companies are shifting away from the London Stock Exchange in search of deeper pools of buyers.

Wise recently moved its primary listing to New York after a shareholder vote. Bitpanda only launched in the UK recently and, based on reports, still earns most of its revenue from continental Europe. The move away from London, the CEO suggested, reflects where capital can be found.

Markets With Deeper Pools

Companies in crypto and fintech are increasingly looking at US and continental European markets. The New York Stock Exchange and Nasdaq are grabbing attention.

Reports say friendlier policies under US President Donald Trump and a flow of institutional capital have helped. Circle, the issuer of the USD Coin stablecoin, raised $1.05 billion on the NYSE at a valuation of roughly $8 billion.

Another Thiel-backed firm, Bullish, floated on the NYSE this month. The Winklevoss twins’ Gemini exchange and crypto custodian BitGo have filed to list in the US.

The practical result is simple. Where there is more liquidity, companies find it easier to attract big investors and set prices that reflect growth hopes. That matters for exchanges. Bitpanda wants depth. It wants visibility. Listing venue influences both.

Demuth’s comments suggest the decision is driven by where investor demand sits today, not by a rejection of the UK market on principle.

Featured image from Fintech News Switzerland, chart from TradingView