Bitpanda, the Vienna-based cryptocurrency exchange with backing from Peter Thiel, has recently announced it will not pursue a public listing in London. The decision, made public today, August 26, 2025, highlights the company’s concerns over liquidity in the UK’s IPO market, which has been experiencing turbulence.
A Change of Course for Bitpanda
In a surprising twist, Bitpanda has decided to steer clear of listing on the London Stock Exchange. This revelation comes amidst broader market jitters and a somewhat tepid climate for IPOs in the UK. The decision underscores the firm’s strategic pivot as it navigates its path to going public. Sources suggest that Bitpanda’s leadership is wary of the liquidity concerns surrounding London’s IPO market—an environment that has been described as “adrift” by some analysts.
“London’s IPO market has seen better days,” commented Julia Reinhardt, a financial analyst based in Frankfurt. “For a company like Bitpanda, which thrives on dynamism and rapid market shifts, London might not provide the liquidity they’re after right now.”
Examining the IPO Landscape
The current state of London’s IPO market has been a talking point for many in the financial world. The UK has struggled to regain its pre-pandemic momentum, with fewer companies opting to go public. This downturn in activity is attributed to a mix of economic uncertainty and shifting investor appetites—factors that have seemingly dissuaded Bitpanda from choosing London as its listing destination. For more on the ongoing discussions about crypto IPOs, see our coverage of crypto IPO chatter.
Bitpanda’s decision is particularly notable given its backing by high-profile investor Peter Thiel, whose ventures are often watched with keen interest by the market. The company, which has been making waves in the crypto space with its user-friendly platform and diverse offerings, appears to be charting a more cautious route to the public markets.
Industry insiders are speculating about Bitpanda’s alternative plans. While the details remain under wraps, some believe the firm might be eyeing other financial hubs with more robust liquidity and investor interest, such as New York or perhaps even a European market closer to its home base in Vienna.
The Broader Crypto Exchange Landscape
Bitpanda’s pivot comes at a time when crypto exchanges globally are under increased scrutiny and facing regulatory changes. With Japan making strides towards clearer crypto regulations, as policymakers there have recently spoken out, the landscape is evolving rapidly. In this climate, exchanges are reassessing their strategies and market positions. This is similar to the strategic moves seen in Gemini’s expansion in Europe, as it secures a MiCA license in Malta.
The decision not to list in London could also be seen as a reflection of the broader challenges facing the cryptocurrency sector. As digital assets continue to attract regulatory attention and market volatility remains a constant, exchanges are making strategic adjustments to ensure long-term success.
Looking Ahead
While Bitpanda’s exact plans for entering public markets remain a mystery, its decision to bypass London signals a cautious, perhaps strategic, approach in these uncertain times. The move raises questions about the future of London’s IPO market and whether other crypto firms might follow Bitpanda’s lead in seeking alternative venues for listing.
As the company continues to expand its offerings and user base, all eyes will be on its next move. Will Bitpanda find a more favorable listing environment elsewhere? And how will its decision impact other crypto exchanges considering similar paths?
Only time will tell, but one thing is certain: Bitpanda’s journey to the public markets will be closely watched by investors and analysts alike, eager to see how this crypto trailblazer navigates the challenges ahead.
Source
This article is based on: UK Listing? Not For Bitpanda—Liquidity Concerns Derail Plans
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
