Bitpanda shelved a London IPO due to weak liquidity on the London Stock Exchange; the Vienna-based crypto exchange is instead weighing listings in Frankfurt or New York while monitoring market conditions.
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Bitpanda rejected a London IPO citing low LSE liquidity.
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Co-founder Eric Demuth said the firm is evaluating Frankfurt and New York listings.
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London listings raised hit a 30-year low in H1 2025, reducing IPO appeal for tech and crypto firms.
Bitpanda London IPO decision: Bitpanda cites weak LSE liquidity and targets Frankfurt or New York listings — learn what this means for crypto listings and market trends.
Bitpanda decided against a London IPO, with co-founder Eric Demuth citing weak liquidity on the London Stock Exchange.
Crypto exchange Bitpanda turned away from London’s public markets, citing weak liquidity on the London Stock Exchange (LSE) as a primary reason for abandoning plans for a London initial public offering.
Eric Demuth, co‑founder of the Vienna-based crypto exchange, told the Financial Times that while Bitpanda was actively evaluating a public listing, “it will not be in London.” The company is instead weighing potential listings in Frankfurt or New York, with no firm timeline announced.
“Currently, liquidity-wise, the LSE is not doing too well,” Demuth said. “I hope that it gets better, but over the next few years, I think the LSE is struggling a bit.”
Demuth noted multiple firms, including British fintech companies, have shifted or are in the process of moving primary listings abroad to access deeper pools of capital.
Cointelegraph contacted Bitpanda for comment but had not received a response before publication.
What happened with Bitpanda’s London IPO plans?
Bitpanda London IPO plans were put on hold because management concluded the London Stock Exchange currently lacks sufficient liquidity to support a successful crypto exchange listing. The exchange is exploring Frankfurt and New York as alternatives while monitoring market and regulatory conditions.
Why did Bitpanda reject a London IPO?
Bitpanda cited weak market liquidity and a subdued UK IPO pipeline as deciding factors. Market data reported by the Financial Times shows funds raised in London during H1 2025 sank to a 30‑year low, reducing investor depth for large tech and crypto floats.
Analysts at the Official Monetary and Financial Institutions Forum (OMFIF) have criticized the UK for falling behind in distributed ledger finance, a factor that may influence issuers’ venue choice. Public commentary from industry participants has amplified concerns about the LSE’s competitiveness.
When might Bitpanda list in Frankfurt or New York?
Bitpanda has not provided a timetable for a listing. Company leadership said the firm is actively evaluating options and will act when market conditions and investor demand align with its capital markets strategy.
How are crypto firms responding to global listing markets?
Several crypto firms are pursuing U.S. listings or filings with the SEC. Recent applicants and filers include exchanges and custodial firms seeking Nasdaq or NYSE access to deeper liquidity and larger retail and institutional investor bases.
| Venue | Liquidity (H1 2025) | Appeal to Crypto Firms |
|---|---|---|
| London Stock Exchange | Low — 30-year low in H1 2025 | Less attractive due to liquidity concerns |
| Frankfurt (Deutsche Börse) | Moderate — stronger regional investor base | Potential choice for EU market access |
| New York (NYSE/Nasdaq) | High — deeper capital markets | Preferred for global tech and crypto IPOs |
What does Bitpanda’s decision mean for UK crypto listings?
The decision signals that several high‑growth crypto firms may avoid the UK until liquidity and policy signals improve. It could slow the momentum of UK-based listings and encourage companies to target EU or U.S. exchanges instead.
Frequently Asked Questions
Will Bitpanda definitely list in New York or Frankfurt?
Bitpanda has not confirmed a final venue. Management said Frankfurt and New York are being evaluated, but no formal listing timetable has been set. The company will choose the market that offers the best liquidity and investor access.
How does weak LSE liquidity affect other tech IPOs?
Lower LSE liquidity reduces price discovery and investor depth, making IPOs potentially more volatile and less successful. Companies may seek markets with larger specialist investor pools to improve offering outcomes.
Are other crypto firms moving listings to the US?
Yes. Several crypto firms have filed for U.S. listings or listed in the U.S. to access deeper capital markets and broader institutional participation. Examples include recent filings and listing activity in 2025 among crypto exchanges and service providers.
Key Takeaways
- Bitpanda declined a London IPO: Management cited weak LSE liquidity as the primary reason.
- Alternative venues under consideration: Frankfurt and New York offer stronger investor pools and liquidity.
- Broader market impact: The UK IPO drought and policy gaps may push more crypto firms to EU or U.S. markets.
Conclusion
Bitpanda’s decision to avoid a London IPO underscores persistent liquidity challenges on the LSE and reflects a broader shift of crypto companies toward markets with deeper capital pools. Watch for future filings in Frankfurt and New York as firms seek stronger investor access. COINOTAG will update this report as new filings or announcements emerge.
