- Bitpanda is reportedly considering a potential IPO in Frankfurt with support from investor Peter Thiel.
- The company reported first-quarter 2024 revenue of €100 million, signaling a recovery from earlier losses.
- Discussions are ongoing; a possible timetable for an IPO is targeted for 2025.
The Vienna-based trading platform Bitpanda GmbH is reported to be weighing several strategic options, including a potential initial public offering (IPO) in Frankfurt.
Backed by prominent investors such as billionaire Peter Thiel, Bitpanda is working with major banks Citigroup Inc. and JPMorgan Chase & Co. to explore its choices, according to sources familiar with the discussions.
Bitpanda’s potential IPO
Founded in 2014, Bitpanda quickly became a leading trading platform in Europe. The company attracted significant attention in August 2021 after a funding round that valued it at $4.1 billion following proceeds of more than $263 million.
That financing round included sizable investments from well-known backers, including Thiel’s Valar Ventures and billionaire Alan Howard. Recent financial results indicate a solid recovery from prior challenges: Bitpanda reported revenue of over €100 million (approximately $108 million) for the first quarter of 2024 and posted an earnings-before-tax profit of €13.6 million (about $14.7 million) in 2023.
These figures mark a notable turnaround from losses exceeding €130 million in 2022. Talks about an IPO come amid growing interest in digital-asset platforms, driven in part by recent regulatory developments in the United States, such as the approval of spot-Bitcoin exchange-traded funds (ETFs).
That regulatory shift has improved market sentiment and increased investor interest in platforms like Bitpanda, which offers trading in cryptocurrencies as well as equity derivatives and commodities. Insiders say that if an IPO proceeds, Bitpanda’s valuation could rise well above $4 billion.
However, the company is also considering the possibility of a full sale as a viable strategic alternative. No final decisions have been made yet, and discussions remain in their early stages.
A potential timeline for a public listing is aimed at 2025. To enhance its services, Bitpanda recently integrated Deutsche Bank IBANs, enabling German customers to perform real-time money transfers to and from their brokerage accounts.
As Bitpanda navigates this strategic phase, the cryptocurrency community is watching closely to see how the company will evolve within the fast-changing digital-asset landscape.