Bitpanda abandons UK IPO plans, as Peter Thiel-backed exchange turns to New York, Franfurt

Bitpanda, the Austrian crypto exchange backed by Peter Thiel and Alan Howard, ruled out a London listing. The company blamed weak trading on the London Stock Exchange and noted that many firms are already leaving the UK market.

Bitpanda’s co-founder and CEO, Eric Demuth, confirmed the decision. He said the company still plans to go public but will focus on Frankfurt or New York instead. The company has not set a date for its initial public offering (IPO). 

Bitpanda avoids London because trading is too low

Demuth said the London Stock Exchange (LSE) doesn’t have enough active buyers and sellers for companies to succeed once they go public. He said strong market liquidity will give investors confidence in a company’s shares and support its valuation, but the LSE struggles to keep up with other big markets like New York and Frankfurt. 

To clarify his point, Demuth referred to the British payments company, Wise, whose shareholders recently voted to move its main listing out of London and onto the New York Stock Exchange. Bitpanda believed New York has deeper capital markets, greater investor demand, and stronger daily trading volumes than London. 

The UK’s capital markets have struggled to attract new listings for several years. London’s IPO market sank to its weakest level in three decades as companies raised less than £200M (about $270M) in the first half of 2025, unlike its peak in 2021 when IPO’s attracted more than £8.8B (about $11.8B). 

Companies now doubt whether London can still offer the deep, liquid markets they need because the fundraising environment remains weak, even after including secondary shares.

Demuth explained that the UK represents a small portion of its overall operations because it has spent almost a decade building a strong customer base and establishing its reputation in continental Europe. He said the company sees no reason to choose London as a listing venue when other financial centers can offer strong liquidity and greater investor interest. 

Crypto firms choose New York and Frankfurt for stronger markets

Liquidity is one of the most important factors to consider for companies going public, and London cannot compete with markets like the New York Stock Exchange or Germany’s Frankfurt exchange. For this reason, exchanges and blockchain-based companies are slowly moving away from London, and Bitpanda is following suit to get greater access to institutional investors and enjoy stronger valuations.

They will also avoid the risks that come with launching an IPO in a market where fundraising has collapsed to unseen levels in decades. 

President Donald Trump’s administration has also strongly supported digital currency, giving crypto companies more reasons to flock to the United States. His admin is inviting crypto executives into the White House, appointing regulators considered friendly to the sector, and working to dismiss lawsuits that might otherwise have slowed the pace of adoption. This has made the country seem more welcoming to firms seeking to raise capital and expand aggressively. 

The growing list of examples highlights how quickly momentum is shifting. Blockchain-based lender, Figure Technology Solutions, filed to go public in New York earlier this year, followed by the Winklevoss twins’ Gemini exchange and the crypto custodian BitGo.

Bullish, by Peter Thiel, successfully floated on the New York Stock Exchange, and Circle raised more than $1B on the NYSE at a valuation of $8B. This shows just how far America is willing to go to accommodate the needs of high-growth tech firms. 

Demuth admitted that London may turn around someday if reforms prove successful and investor demand returns. Still, he claims Bitpanda needs to base its growth strategy in markets willing to welcome it.

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