Introduction
European cryptocurrency exchange Bitpanda is reportedly preparing for a landmark initial public offering in the first half of 2026, targeting a valuation between €4 billion and €5 billion. The Vienna-based firm has selected the Frankfurt Stock Exchange over major rivals London and New York, continuing a surge of crypto-related public listings that began in 2025 and signals sustained institutional confidence in the sector’s maturation.
Key Points
- Bitpanda dominates Austria's crypto market, accounting for nearly 60% of domestic trading volume according to EY estimates.
- The exchange ruled out a London listing due to perceived lower liquidity compared to Frankfurt and New York, following a trend among European fintech firms.
- 2026 has already seen continued crypto IPO activity with BitGo filing for a NYSE listing that could value the firm at nearly $2 billion.
Bitpanda's Strategic Move to Frankfurt
According to reports, Bitpanda has tapped financial heavyweights Goldman Sachs, Citigroup, and Deutsche Bank to manage its planned IPO, which could launch as soon as the first quarter of 2026. The decision to list on the Frankfurt Stock Exchange, Germany’s financial capital, follows the company’s ruling out of a London listing in August last year. CEO Eric Demuth told the Financial Times that London offered lower liquidity compared to other major markets like New York and Frankfurt, echoing a trend where other European fintech firms, including payments giant Wise, have also opted against listing in London in recent years.
Founded in 2014, Bitpanda has grown to become one of Europe’s most popular retail crypto platforms, claiming over seven million users. While it does not publicly disclose trading volumes, consultancy firm EY estimates that Bitpanda commands a dominant 59.6% share of Austria’s domestic crypto trading market. This strong regional foothold provides a solid foundation for its public market ambitions, positioning the exchange as a significant European player seeking to capitalize on the growing institutionalization of digital assets.
Riding the Wave of Crypto IPOs
Bitpanda’s planned debut is part of a broader, accelerating trend of crypto companies entering public markets. The year 2025 was arguably the biggest on record for crypto IPOs, featuring major stock market debuts by USDC stablecoin issuer Circle, crypto exchange Bullish, and trading platform eToro. This momentum has carried into 2026, with crypto wallet and custody provider BitGo recently filing for an IPO on the New York Stock Exchange (NYSE) that could value the Palo Alto-based firm at nearly $2 billion, with its offering currently pegged for January 21.
Several of Bitpanda’s direct competitors are also in the IPO pipeline, underscoring a sector-wide shift towards traditional finance (tradfi) legitimacy and access to public capital. Crypto exchange Kraken confidentially filed for an IPO in November amid a post-funding round valuation of $20 billion, awaiting SEC approval and favorable market conditions. Meanwhile, other major industry names like FalconX, Grayscale, and Blockchain.com have all discussed plans for public offerings in the near future, suggesting that Bitpanda’s move is a strategic play within a highly competitive race to market.
Implications for European Fintech and Crypto Markets
Bitpanda’s choice of Frankfurt over New York or London is a significant vote of confidence in the European Union’s financial infrastructure. It highlights Frankfurt’s growing appeal as a listing destination for tech and fintech firms seeking deep liquidity and a regulatory environment within the EU’s jurisdiction. This decision may encourage other European crypto-native companies to consider domestic exchanges, potentially reshaping the geographic landscape of financial technology listings.
The reported €4-5 billion valuation range reflects robust investor appetite for established crypto platforms with substantial user bases and clear revenue streams. As the crypto industry continues to evolve from a niche sector to a mainstream financial component, successful IPOs like Bitpanda’s prospective offering could further bridge the gap between digital assets and traditional investment portfolios, providing public market investors with regulated exposure to the cryptocurrency ecosystem. The involvement of top-tier investment banks like Goldman Sachs, Citigroup, and Deutsche Bank also signifies the deepening integration of crypto enterprises into the global financial establishment.
📎 Related coverage from: decrypt.co
