Did Bitpanda Just Overlook UK Listing Due to Liquidity Concerns?
Bitpanda sparked conversation within the European fintech circles by deciding against a UK public listing. But what led Bitpanda to overlook the UK as a potential venue for its listing, you might wonder?
It turns out that the Vienna-based fintech firm, with backing from billionaire Peter Thiel, cited inadequate market fluidity of the London Stock Exchange (LSE) as the primary factor for abandoning its initial plans.
As reported in a Financial Times article dated 26 August 2025, Bitpanda’s CEO, Eric Demuth, conveyed that the company will focus on either Frankfurt or New York as its preferred locations for a future public offering.
While a timeline has yet to be established, London has been officially ruled out.
𝙅𝙐𝙎𝙏 𝙄𝙉: Bitpanda, a crypto asset exchange backed by billionaire Peter Thiel, has decided against a listing in
— Marcel van Oost (@oost_marcel) August 26, 2025
Demuth acknowledged that Bitpanda is not the sole firm to reconsider its London aspirations. According to him, numerous companies are retreating from the LSE.
He referenced the British fintech, Wise, which recently shifted its primary listing to New York following a shareholder vote. The decision was largely driven by a need for larger capital reserves and better crypto market market fluidity.
Additionally, he verified the London exchange’s continuing difficulties in drawing sufficient trading volume and trader interest.
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London’s Trading Environment Appears Arid: UK’s IPO Market at a Three-Decade Low
Given London’s struggle to maintain its reputation as a premier IPO hub, Bitpanda’s exit from the UK seems to be a practical business move.
The UK’s IPO arena has fallen to its lowest level in thirty years, with only £160 million to £182.8 million ($216m–$247.8 M) raised in the first half of 2025. This signifies a drastic drop from the £8.8 billion ($11.88 B) high recorded in 2021.
The fundraising landscape remains fragile, even when accounting for secondary offerings.
The London stock trading platform predominantly earns its revenue as a data repository rather than through listings… definitely not a positive indicator. pic.twitter.com/g6tyjp7Wpi
— Mohamed (@Mahalildn1) August 18, 2025
Demuth elaborated that while Bitpanda has just begun operations in the UK, its primary revenue still comes from continental Europe.
In June, Carrie Osman, founder and CEO of the consultancy firm Cruxy, reiterated the downturn of the LSE.
According to Osman, several factors are driving companies to delist from the LSE, with liquidity issues being the most prominent.
Her comments followed Qualcomm’s acquisition of UK-based semiconductor firm Alphawave Semi, leading to yet another notable exit from the LSE.
She noted that the UK’s investment culture is comparatively weaker when contrasted with the US, where individuals frequently invest through 401(k) plans, which is a hindrance for the LSE.
On GlobalData’s Instant Insights podcast, she remarked, “I found some intriguing statistics, for instance, only about 23% of adults in the UK possess stocks and shares, compared to 62% in the US.”
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Bitpanda’s UK Exit Illustrates a Broader Industry Trend
Bitpanda’s decision to bypass the UK reflects a larger trend in the industry as firms seek better opportunities for available volume, regulatory clarity, and depth of investment.
The US and continental Europe are gaining traction as preferred public listing locations due to their more favorable regulatory settings and institutional engagement.
The New York Stock Exchange (NYSE) and Nasdaq have become appealing venues for crypto-native enterprises due to their welcoming policies and an influx of institutional capital during the Trump administration.
Earlier this year, Circle, the issuer of USDC stablecoin, secured $1.05 billion on the NYSE at a valuation of $8 billion. Following this, Gemini and BitGo have pursued listings in the US, while Uptrend, another trading platform backed by Thiel, launched publicly on the NYSE this month.
The disparity with the LSE is striking. While the UK aspires to be a leader in fintech, its IPO market continues to suffer from low trading volumes and weak investor interest, casting doubts on its suitability for fast-growing tech companies.
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Key Points
- The UK’s IPO trading market has decreased to its lowest level in three decades, with only £160 million to £182.8 million ($216m–$247.8 M) raised in the first half of 2025
- Bitpanda has abandoned its UK listing ambitions because of the LSE’s inadequate liquidity
- Bitpanda is set to choose either Frankfurt or New York for its upcoming public offering
The article Did Bitpanda Just Snub UK Listing Over Market fluidity Issues? first appeared on 99Bitcoins.
