Bitpanda, the Vienna-based cryptocurrency trading platform backed by billionaire Peter Thiel, is preparing for an initial public offering on the Frankfurt Stock Exchange that could value the company at up to €5 billion ($5.83 billion) in the first half of 2026, according to people familiar with the matter.
What Happened: Frankfurt IPO Preparation
The Austrian crypto exchange has hired Goldman Sachs, Citigroup and Deutsche Bank to arrange the offering, which could come as early as the first quarter, Bloomberg reported, citing people who asked not to be identified because discussions are private.
The company could seek a valuation of between €4 billion ($4.7 billion) and €5 billion.
Founded in 2014, Bitpanda offers retail trading in Bitcoin, equity derivatives and commodities.
The firm claims more than seven million users and was valued at $4.1 billion in August 2021 when it raised $263 million from investors including Thiel's Valar Ventures.
A Bitpanda representative said an IPO is one option the company is considering but declined to comment further. No final decisions have been made and details including timing could still change.
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Why It Matters: European Market Boost
The offering would represent a significant win for Europe's equity capital markets, which have struggled to attract listings from large venture capital-backed companies in the cryptocurrency sector.
CEO Eric Demuth had previously considered New York but ruled out London last August.
He told the Financial Times that London offered lower liquidity than other major markets, pointing to how European firms including fintech giant Wise had opted against listing there.
The move comes amid a wave of crypto industry IPOs, with competitors Kraken, FalconX and Blockchain.com all discussing plans to go public.
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