Vienna-based crypto trading platform Bitpanda is reportedly gearing up for a potential initial public offering (IPO) on the Frankfurt Stock Exchange as early as the first quarter of 2026. Sources familiar with the matter indicate the company is targeting a valuation between €4 billion and €5 billion (approximately $4.4 billion to $5.5 billion). While no final decision has been made and the timing remains subject to change, this move signals growing confidence in European capital markets and the increasing relevance of digital assets on the global stage.
Bitpanda has engaged Goldman Sachs, Citigroup, and Deutsche Bank to manage the IPO process. Representatives from these banks have declined to comment. Frankfurt has emerged as the preferred listing venue after the company moved away from considering London and New York. According to Eric Demuth, co-founder, the choice of Frankfurt over London was influenced by the latter's lack of liquidity. He noted a trend of companies moving away from the London Stock Exchange, citing British fintech firm Wise's decision to move its primary listing to New York.
Founded in 2014, Bitpanda has established itself as a prominent player in the European crypto market, offering trading services for cryptocurrencies, stock derivatives, and commodities. Operating as a regulated brokerage within the European Union, the platform boasts a strong presence in Austria, with 59.6% of Austrian crypto users relying on Bitpanda. The platform combines crypto trading with portfolio tools and automated tax handling. As of early 2026, Bitpanda reports over 7 million users and holds a partnership as the official crypto trading partner of Arsenal Football Club.
Bitpanda can point to a successful 2024 business year and presumably equally strong 2025 as it considers its IPO plans. The company achieved revenues of 393 million euros in 2024, representing a 166 percent increase compared to the previous year, when it generated 147.6 million euros. Profitability developed particularly remarkably: adjusted EBITDA more than quintupled, with Bitpanda achieving an EBITDA margin of over 30 percent.
The planned Bitpanda IPO occurs amidst a broader trend of digital asset companies exploring public listings. In November 2025, U.S.-based crypto exchange Kraken confidentially filed for an IPO, targeting a valuation of around $20 billion. Other firms, including FalconX, Grayscale, and Blockchain.com, have also considered potential listings. In 2025, Circle, the issuer of stablecoin USDC, and trading platform eToro both joined public markets.
The leadership shift aligns with broader efforts to prepare the company for its next growth phase. In August 2021, Bitpanda raised $263 million from investors including Peter Thiel's Valar Ventures. That round valued the company at $4.1 billion. A Bitpanda spokesperson confirmed that an IPO remains one of several options under review but declined to comment further on specifics.
