While London’s capital markets languish in what can only be described as a spectacular decline—with IPO activity hitting 30-year lows that would make even the most pessimistic bear blush—Austrian crypto exchange Bitpanda finds itself maneuvering an entirely different calculus for its public debut.
The LSE’s anemic performance (a mere five debuts raising £160 million in H1 2025) has prompted the company to abandon any pretense of British allegiance in favor of venues that actually function.
The New York Stock Exchange emerges as the frontrunner, benefiting from what passes for coherent regulatory policy in the United States and liquidity depths that don’t require a magnifying glass to locate. This preference aligns with broader market trends, as evidenced by successful crypto IPOs from Bullish, Circle Internet, and eToro—companies that wisely recognized American investors‘ appetite for digital assets over their British counterparts’ apparent preference for watching paint dry.
Frankfurt’s Deutsche Börse presents an intriguing alternative, offering proximity to Bitpanda’s core European revenue streams and a regulatory framework that doesn’t treat cryptocurrency as a communicable disease. The exchange’s fintech-friendly approach stands in stark contrast to the UK’s regulatory uncertainty, which has contributed to London’s transformation from financial powerhouse to cautionary tale. The extreme market volatility characteristic of crypto assets, with Bitcoin capable of 22% daily price swings, makes regulatory clarity even more crucial for exchanges seeking institutional investor confidence.
Bitpanda’s robust financial performance—marked by substantial user growth and transaction volume expansion—provides the foundation for this strategic pivot. The company’s strengthened compliance infrastructure and risk management capabilities position it favorably amid an increasingly institutional investment landscape, where traditional exchanges offer visibility that private markets simply cannot match. Co-founder Eric Demuth has expressed stronger interest in pursuing a public listing as market conditions become increasingly favorable.
The consideration of dual listings reveals sophisticated capital strategy thinking, potentially maximizing investor access while hedging venue-specific risks. This approach acknowledges that in today’s fragmented global markets, diversification extends beyond asset allocation to include listing geography.
As crypto firms mature beyond their Wild West origins, the migration toward established exchanges reflects both regulatory evolution and institutional demand. Bitpanda’s venue deliberations underscore a fundamental shift: the question is no longer whether crypto companies deserve traditional exchange listings, but rather which exchanges deserve crypto companies’ business. London, apparently, does not make the cut.
