Bitpanda eyeing a potential initial public offering (IPO)

• Bitpanda is considering a potential IPO in Frankfurt, backed by Peter Thiel.
• The company reported €100 million in Q1 2024 revenue, rebounding from previous losses.
• Discussions are ongoing, with a possible timeline for the IPO set for 2025.

Bitpanda GmbH, a Vienna-based trading platform, is reportedly considering a range of strategic moves, including a potential initial public offering (IPO) in Frankfurt.

Backed by prominent investors such as billionaire Peter Thiel, Bitpanda is currently collaborating with banking giants Citigroup Inc. and JPMorgan Chase & Co. to explore its options, as revealed by sources familiar with the discussions.

The possible Bitpanda IPO

Established in 2014, Bitpanda has rapidly positioned itself as a leading trading platform in Europe. The company gained significant recognition in August 2021 when it was valued at $4.1 billion following a successful $263 million funding round. This round saw substantial investments from notable backers, including Thiel’s Valar Ventures and billionaire financier Alan Howard.

Bitpanda’s recent financial performance indicates a robust recovery from previous challenges. The company reported over €100 million (approximately $108 million) in revenue for the first quarter of 2024, alongside a pre-tax profit of €13.6 million ($14.71 million) in 2023. This marks a notable turnaround from the losses exceeding €130 million experienced in 2022.

The discussions around an IPO come amid a broader surge of interest in digital asset platforms, fueled by recent regulatory developments in the United States, including the approval of spot Bitcoin exchange-traded funds (ETFs).

This regulatory shift has invigorated market sentiment and increased investor appetite for platforms like Bitpanda, which specializes in cryptocurrency trading as well as equity derivatives and commodities.

If the IPO materializes, it could elevate Bitpanda’s valuation way above $4 billion, according to insiders. However, the company is also weighing the option of a full sale, which remains a viable alternative in its strategic assessment.

As of now, no final decisions have been reached, and discussions are still in the preliminary stages, with a potential timeline for any move set for 2025.

To further enhance its service offerings, Bitpanda has recently integrated Deutsche Bank IBANs, enabling clients in Germany to facilitate real-time fund transfers to and from their brokerage accounts.

As Bitpanda navigates this exciting phase, the cryptocurrency community is watching closely, eager to see how the company will evolve in the ever-changing landscape of digital assets.