Bitpanda Abandons London IPO Plans Over UK Liquidity Concerns
Peter Thiel–backed crypto exchange Bitpanda has ruled out a London listing, citing thin trading and low liquidity in the UK IPO market. CEO Eric Demuth said Bitpanda is considering Frankfurt or New York instead, without committing to a timetable. The UK’s IPO market raised just $215–248 million in H1 2025, its weakest level in three decades, compared with a 2021 peak of $11.88 billion. Companies like Wise and Circle have shifted to US exchanges, attracted by deeper pools of buyers and institutional capital. Bitpanda, which still derives most revenue from continental Europe, aims for a venue offering greater depth and visibility. The decision reflects where investor demand sits today, not a fundamental rejection of the UK market.
Neutral
Bitpanda’s decision to bypass a London IPO is a strategic choice reflecting market conditions rather than a fundamental shift in crypto valuation. Similar moves by Wise and Circle show issuers favouring deeper, more liquid markets. Traders are unlikely to adjust positions in BTC or USDC solely on listing venue news, making short-term price impact minimal. Over the long term, Bitpanda’s focus on Frankfurt or New York may enhance its growth and credibility, but this will not directly sway broader market sentiment.