Bitpanda considers IPO in Germany at $4 billion valuation

Austrian cryptocurrency exchange Bitpanda is reportedly exploring an initial public offering (IPO) in Frankfurt, Germany, potentially valuing the company at no less than $4 billion. 

According to a Bloomberg report on October 28, Bitpanda has appointed Citigroup and JP Morgan to advise on the possible IPO, although a final decision has not yet been made.

Founded in 2014, Bitpanda specialises in crypto retail trading and derivatives and has expanded into equities trading. 

In 2021, it raised $260 million in a funding round led by Valar Ventures, co-founded by billionaire investor Peter Thiel, securing a $4.1 billion valuation. 

The exchange has seen a resurgence in 2024, driven by the approval of Bitcoin and Ethereum spot ETFs in the U.S. and a broader market rally, boosting its financial performance.

The company recently reported its first-quarter profits at approximately $108 million in 2024, following a turnaround year in 2023, where it achieved over $14 million in pre-tax profits. 

This marks a significant recovery from its challenging 2022, where it faced losses of $140 million.

Bitpanda is also working to solidify its presence in Europe. 

The exchange partnered with German financial institutions, including Deutsche Bank and Landesbank Baden-Württemberg (LBBW), to enhance payment processing and crypto custody services. 

Additionally, Bitpanda collaborates with Coinbase to expand its “investing-as-a-service” platform across Europe.