According to latest reports, Bitpanda has ruled out listing on the London Stock Exchange and this has just mirrored the current state of the UK capital markets. CEO Eric Demuth bluntly said weak liquidity is the main reason for the change in plans for the Bitpanda IPO.
Instead, the Vienna-based crypto exchange is now considering Frankfurt or New York. London’s IPO market has hit near-record lows in 2025 while US markets are thriving, especially with crypto-friendly policies in place.
London’s Slumping IPO Scene: How Bad Is It?
Based on data, in the first half of 2025, only 5 companies managed to get listed in London, raising £160 million (around $219 million), the lowest since records began in 1995. Comparing that to US exchanges where 156 IPOs raised over $28 billion in the same period . This contrast has shown what investor enthusiasm really looks like; migrating eastward and leaving London behind.
To further buttress this, reports have shown that Shein shelved its planned London IPO for Hong Kong, and Wise is moving to the US. High-growth companies are choosing external markets. However, UK authorities are hoping for a turnaround.Peel Hunt says activity could pick up from September as investor sentiment improves.
Also read:Bitpanda Cracks Open UK Crypto Market Following FCA Approval
Bitpanda’s Take: Frankfurt or New York Look Far Stronger
Bitpanda’s co-founder and CEO, Eric Demuth, has made it clear that London is off the table. The company is considering Frankfurt or New York. He said Wise did the same, citing deeper pools of liquidity and higher investor demand.
Demuth also praised the political environment in the US, pointing to the Trump administration’s pro-crypto stance. This is not surprising, as listing in markets where the legislative and investor sentiment is pro-crypto can be a big boost for valuation and liquidity.
Behind the Scenes: Bitpanda IPO Readiness
Bitpanda isn’t just talking about an IPO, they also seem to have prepared internally. Reports claim that in early 2025, Germany’s financial regulator BaFin granted Bitpanda a MiCA (Markets in Crypto-Assets) license, creating the legal groundwork for a Frankfurt listing.
Meanwhile, a leadership reshuffle has put the company in the public eye. Co-CEO Paul Klanschek stepped back into an advisory role and Deputy CEO Lukas Enzersdorfer-Konrad took over day-to-day leadership, a move many analysts see as part of IPO preparation. The potential IPO valuation is said to be around $4 billion.
Conclusion
Based on the latest reports and analysis, Bitpanda IPO means one thing. London’s market liquidity might no longer be sufficient for high-growth tech and crypto listings.
As companies look for the best environment to scale, Bitpanda’s decision to look at New York or Frankfurt reflects the migration of financial capital.
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Also read: This UK Law Could Be the Model For Global Crypto Regulation in 2025
Summary
Bitpanda has ruled out a London IPO, citing poor liquidity on the London Stock Exchange. CEO Eric Demuth said the company is considering Frankfurt or New York instead, where investors are and capital markets are stronger. London’s IPO scene has collapsed in 2025; with only £160 million raised across five listings, a 30-year low.
Glossary
IPO (Initial Public Offering) – a company listing on a stock exchange.
Liquidity – how easily can you buy or sell in a market without moving the price.
LSE (London Stock Exchange) – UK’s main stock exchange; London.
NYSE (New York Stock Exchange) – world’s biggest stock exchange; New York.
Valar Ventures – Peter Thiel’s venture capital firm; fintech and crypto startups.
FAQs on Bitpanda IPO Shock Move
Why did Bitpanda rule out a London IPO?
CEO Eric Demuth said weak liquidity and demand in London’s markets.
Which markets are under consideration now?
Bitpanda is looking at Frankfurt or New York, where liquidity and investor interest is higher.
How bad is London’s IPO slump?
In H1 2025; London saw only £160 million raised from five listings, the lowest since 1995.
What makes Frankfurt attractive?
Bitpanda got a MiCA license from Germany’s BaFin recently, so it might be well-prepared for a compliant Frankfurt listing.
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