Bitpanda, the crypto exchange backed by billionaire investor Peter Thiel, has ruled out the UK as a potential listing venue, citing poor liquidity on the London Stock Exchange.
CEO Eric Demuth recently told the Financial Times that the exchange will instead consider either Frankfurt or New York when it moves ahead with a public offering. While no timeline has been set, he stressed that London was not on the table.
Demuth noted that many companies are shifting away from the LSE. He pointed to British fintech Wise, whose shareholders voted last month to shift its primary listing to New York in search of deeper investor demand and better liquidity. He added that the London bourse is struggling with weak liquidity.
Bitpanda didn’t return Cryptonews’ request for comment by press time.
London’s IPO Market Sinks To Lowest Levels In Three Decades
His remarks come as London struggles to maintain its role as a hub for initial public offerings. The UK’s IPO market has fallen to a 30-year low in 2025. In the first half of the year, only £160m ($216m) to £182.8m ($247.8m) was raised. By contrast, the 2021 peak reached £8.8b ($11.88b).
Even when secondary issues are included, the total remains the weakest fundraising environment in decades.
Demuth said another factor behind the decision was that Bitpanda had only recently launched in the UK and still generated most of its revenue from continental Europe.
Bitpanda Looks To Align With Markets Offering Greater Liquidity
The company’s stance reflects a broader trend. Increasingly, crypto firms are choosing to go public in the US or continental Europe. In these regions, regulators and investors are seen as more receptive.
Moreover, the New York Stock Exchange and Nasdaq have emerged as the leading destinations. They are being buoyed by friendlier policies under the Trump administration and an influx of institutional capital.
Earlier this year, Circle, the issuer of the USD Coin stablecoin, raised $1.05b on the NYSE at a valuation of roughly $8b. The Winklevoss twins’ Gemini exchange and crypto custodian BitGo have also filed to list in the US. Another Thiel-backed venue, Bullish, floated on the NYSE this month.
The contrast shows London’s struggle to compete with deeper markets abroad. While the UK has sought to position itself as a fintech leader, thin trading volumes and diminished investor appetite have raised doubts about its attractiveness for high-growth technology companies.
For Bitpanda, the decision points to its broader ambition to align with jurisdictions offering liquidity, regulatory clarity and investor enthusiasm.
With nearly a decade of operations across Europe and support from prominent backers, the exchange is positioning itself to follow the playbook of its peers and tap global capital markets.
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