Bitpanda, a leading European cryptocurrency exchange, has ruled out a potential initial public offering (IPO) on the London Stock Exchange (LSE).
The firm has cited insufficient liquidity in the UK’s public markets as a primary concern.
Eric Demuth, co-founder and CEO of Bitpanda, confirmed the decision stating that the company is instead considering listings in Frankfurt or New York.
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“Currently, liquidity-wise, the LSE is not doing too well,” Demuth said.
“I hope it gets better, but over the next few years, I think the LSE is struggling a bit.”
The decision also shows broader challenges facing London’s capital markets, which have seen a sharp decline in IPO activity.
In fact, funds raised in the first half of 2025 hit a 30-year low, according to market data reported by the Financial Times.
UK’s IPO Market Faces Historic Drought
The UK’s IPO market is facing one of its most severe downturns in decades.
Several high-profile companies have either shifted their primary listings abroad or are planning to do so.
In this context, lack of liquidity and investor interest has prompted firms like Bitpanda to explore alternative markets.
Added to the UK’s challenges, its cryptocurrency policy has faced criticism.
Meanwhile, there are major economic struggles facing the UK right now, including inflation, debt, and deteriorating infrastructure.
Vienna’s Bitpanda’s Strategic Shift and UK Expansion
Despite its decision to drop London for an IPO, Bitpanda recently entered the UK market, enabling users to trade over 600 digital assets.
Bitpanda also secured a high-profile sponsorship deal with Arsenal Football Club, signaling its commitment to expanding its presence in the region.
However, the firm appears focused on ensuring its eventual public listing occurs in a market that maximizes investor access and liquidity.
Bitpanda’s move is part of a trend among cryptocurrency firms seeking capital market opportunities in the United States.
Bitpanda’s exploration of Frankfurt and New York shows the intensifying global competition for cryptocurrency listings.
Frankfurt, home to the Deutsche Börse, offers a stable and liquid market within Europe, while New York’s exchanges, including the NYSE and Nasdaq, remain attractive for their depth and global investor base.
