While London’s stock exchange continues its unceremonious descent into what can only be described as a liquidity wasteland, Austrian cryptocurrency platform Bitpanda has delivered the kind of verdict that would make even the most optimistic LSE cheerleader wince: the company has explicitly ruled out a London IPO, instead eyeing the considerably more hospitable waters of Frankfurt or New York for its public debut.
Co-founder Eric Demuth’s rationale proves invigoratingly candid, citing the LSE’s anticipated liquidity struggles over the coming years as the primary deterrent. This assessment arrives amid London’s IPO market achieving the dubious distinction of hitting a 30-year nadir in 2025, with a mere five offerings raising approximately £160 million during the year’s first half—a precipitous decline from 2021’s £8.8 billion peak that would make seasoned market observers question whether someone accidentally moved a decimal point.
London’s IPO market has collapsed so spectacularly that observers might wonder if someone misplaced a decimal point.
Frankfurt emerges as a compelling contender, offering geographical proximity to Bitpanda’s core European revenue base alongside deeper institutional investor participation. The German exchange benefits from recent regulatory clarity provided by the Markets in Crypto-Assets (MiCA) framework, creating a more predictable operating environment for digital asset companies.
Market analysts note Frankfurt’s superior order book depth, which translates to improved pricing dynamics and reduced placement risk—considerations that matter considerably when contemplating public market exposure.
New York presents equally attractive prospects, bolstered by an increasingly crypto-friendly regulatory stance and institutional acceptance. The U.S. regulatory environment has evolved significantly from its previous regulation by enforcement approach, with interdepartmental working groups now developing clearer rules that enhance regulatory certainty. The recent successful debuts of companies like Bullish, Circle Internet, and eToro demonstrate growing appetite among American investors for digital asset exposure. Circle’s NYSE debut particularly stands out, having raised $1.05 billion in what represented one of the year’s most significant crypto-related public offerings.
A NYSE listing would provide Bitpanda enhanced global visibility while accessing deeper liquidity pools that dwarf London’s increasingly anemic trading volumes.
Bitpanda’s venue selection reflects broader industry migration patterns, with fintech companies increasingly abandoning London for exchanges offering superior market conditions. The decision underscores fundamental shifts in global capital markets, where regulatory clarity and liquidity depth trump traditional financial center prestige.
While no definitive timeline exists for Bitpanda’s public offering, the company’s explicit venue preferences signal pragmatic recognition that successful IPOs require more than historical reputation—they demand functioning markets capable of supporting meaningful price discovery.
