Bitpanda, the cryptocurrency exchange backed by billionaire investor Peter Thiel, has made the decision to rule out the UK as a potential listing venue due to poor liquidity on the London Stock Exchange. CEO Eric Demuth recently shared with the Financial Times that the exchange is considering either Frankfurt or New York for a future public offering, with London no longer being an option.
Demuth highlighted the trend of companies shifting away from the LSE, citing the example of British fintech Wise, whose shareholders recently voted to move its primary listing to New York in search of increased investor demand and better liquidity. He expressed concerns about the struggling liquidity on the London bourse, leading Bitpanda to explore other listing options.
The decision to bypass London comes at a time when the UK’s IPO market is facing significant challenges, with fundraising reaching a 30-year low in 2025. The first half of the year saw only a fraction of the capital raised compared to the peak in 2021, indicating a weak fundraising environment for companies looking to go public in the UK.
One of the factors influencing Bitpanda’s decision is the fact that the exchange recently launched in the UK and generates most of its revenue from continental Europe. Aligning with markets that offer greater liquidity and regulatory clarity is a priority for Bitpanda, reflecting a broader trend of crypto firms choosing to go public in the US or continental Europe.
The New York Stock Exchange and Nasdaq have emerged as preferred listing destinations for crypto companies, benefitting from favorable policies and increased institutional capital. Companies like Circle, Gemini, and BitGo have successfully listed in the US, signaling a shift towards deeper markets abroad for high-growth technology firms.
The decision by Bitpanda to avoid a UK listing underscores the importance of tapping into global capital markets that offer liquidity, regulatory certainty, and investor enthusiasm. With nearly a decade of operations in Europe and strong backing from prominent investors, Bitpanda is positioning itself to follow the footsteps of its peers and access capital from international markets.
In conclusion, Bitpanda’s strategic decision to reject a UK listing in favor of markets with greater liquidity highlights the evolving landscape of cryptocurrency exchanges seeking to leverage global opportunities for growth and expansion. By aligning with jurisdictions that offer robust regulatory frameworks and investor interest, Bitpanda is positioning itself for future success in the competitive world of cryptocurrency exchanges.