Bitpanda Rejects London Listing, Eyes Frankfurt or New York for IPO

Highlights:

• Bitpanda rejects the London listing as weak liquidity forces the exchange to seek options.
• The London IPO market hits a 30-year low as companies move abroad to find stronger liquidity.
• The US and Europe attract more crypto firms, with Nasdaq and NYSE emerging as preferred venues for public listings.

Crypto exchange Bitpanda will not pursue a listing in London. Chief executive Eric Demuth told the Financial Times that London is no longer on the company’s agenda. He explained that the London Stock Exchange suffers from weak liquidity, which makes it unattractive for high-growth firms. As a result, Bitpanda is now evaluating either Frankfurt or New York for a potential public offering, though no official timeline has been confirmed.

Bitpanda has dropped plans to list on the London Stock Exchange, citing poor liquidity. Instead, the crypto exchange backed by Peter Thiel is eyeing Frankfurt or New York for its IPO. This move highlights London’s struggle with low trading volumes and declining UK IPO market,… pic.twitter.com/8rmkY93Eoz

— Fama Crypto (@Famacrypt) August 26, 2025

Demuth stressed that liquidity plays a crucial role in attracting investors, and London is struggling to compete with deeper markets. He observed that other companies have already turned away from London for the same reason. The city has long positioned itself as a hub for finance, but it is losing ground to rival markets. Demuth said London must address its liquidity challenges if it wants to remain competitive in global capital markets.

Bitpanda Rejects London Listing Amid Market Concerns

London’s IPO market is facing one of its steepest downturns in decades. Figures quoted by the Financial Times indicate that in the first half of 2025 only a promising sum of between £160 million and £182.8 million was raised by listings made. This amount indicates a sharp decrease compared to the £8.8 billion of 2021. Even with secondary issues added, the environment is still the weakest within 30 years.

London Has Fallen 🚨

London's IPO market plunges to its worst level in AT LEAST 30 years 📉 pic.twitter.com/2T5pfPyXVQ

— Barchart (@Barchart) August 22, 2025

Demuth highlighted Wise, a fintech company, as one of these examples. Wise recently changed its main listing to New York, where it attracted more investors and improved liquidity. The move reflects how London’s shallow trading volumes are pushing firms to look abroad. Demuth explained that Bitpanda cannot risk entering a market where investors show limited appetite.

The UK has also faced criticism over its digital asset environment. Analysts at the Official Monetary and Financial Institutions Forum said the country lost its early advantage in distributed ledger finance. They argued that Britain missed opportunities to strengthen its position while rivals advanced. As a result, crypto firms increasingly see the US and continental Europe as more favorable destinations.

Crypto Firms Turn to US and Europe

The US and continental Europe have become leading choices for crypto firms preparing for public listings. The New York Stock Exchange and Nasdaq offer greater liquidity and stronger institutional interest compared to London. Circle, the issuer of USD Coin, raised $1.05 billion on the NYSE earlier this year at an $8 billion valuation. Other exchanges, including Gemini, BitGo, and Bullish, also filed for or completed listings in the US.

The position of Bitpanda mirrors this increasing trend. The firm introduced its service in the UK earlier this year, offering access to over 600 digital assets. It also got a sponsorship deal with Arsenal Football Club to increase its market. Nevertheless, the majority of its income is earned in continental Europe, so Frankfurt or New York are more appropriate public offer locations.

In the case of Bitpanda, the priority was selecting a market that would provide the necessary liquidity, investors, and sustainability. With current challenges facing London, the city is finding it hard to compete when there are markets with stronger investor confidence and trade volumes.