Bitpanda is considering a possible Frankfurt IPO with backing from Peter Thiel. The company reported revenue of 100 million euros in the first quarter of 2024, recovering from previous losses. The IPO is scheduled for 2025 and discussions are ongoing.
Vienna-based trading platform Bitpanda GmbH is reportedly considering various strategic moves, including a possible initial public offering (IPO) in Frankfurt.
Bitpanda is backed by high-profile investors including billionaire Peter Thiel and is currently working with banking giants Citigroup and JPMorgan Chase, sources familiar with the discussions said. I'm exploring options.
Possibility of Bitpanda IPO
Founded in 2014, Bitpanda has quickly established itself as Europe's leading trading platform. The company successfully raised a $263 million funding round in August 2021, valuing it at $4.1 billion and gaining significant recognition. The round saw significant investment from prominent backers including Thiel's Valar Ventures and billionaire investor Alan Howard.
Bitpanda's recent financial performance shows a strong recovery from previous challenges. The company reported sales of more than 100 million euros (approximately $108 million) in the first quarter of 2024 and pre-tax profit of 13.6 million euros ($14.71 million) in 2023. This represents a significant turnaround from losses of over 130 million euros. I experienced it in 2022.
Discussions around the IPO come amid widespread interest in digital asset platforms, fueled by recent regulatory developments in the U.S., such as the approval of a Spot Bitcoin exchange-traded fund (ETF).
This regulatory change has reinvigorated market sentiment and increased investor appetite for platforms like Bitpanda, which specializes in crypto trading, equity derivatives, and commodities.
If an IPO goes ahead, Bitpanda could be valued at well over $4 billion, according to insiders. However, the company is also considering the option of an outright sale, which remains a viable option in its strategic evaluation.
No final decision has been reached at this time, discussions are still in the preliminary stages, and a timeline for any move could be set for 2025.
To further strengthen its service offering, Bitpanda recently integrated Deutsche Bank IBAN to facilitate real-time fund transfers to and from brokerage accounts for German customers.
As Bitpanda moves through this exciting phase, the cryptocurrency community is paying close attention and is keen to see how the company evolves in the ever-changing landscape of digital assets.
