Crypto exchange Bitpanda has decided against a public listing in London, citing low liquidity on the London Stock Exchange (LSE) as a primary reason for this choice.
Co-founder Eric Demuth informed the Financial Times that while Bitpanda is considering going public, “it will not be in London.” The company is instead contemplating listings in either Frankfurt or New York, although no specific timeline has been established.
Demuth remarked, “Currently, liquidity-wise, the LSE is not doing too well,” adding, “I hope that it gets better, but over the next few years, I think the LSE is struggling a bit.”
He pointed out that several firms, such as British fintech Wise, have either shifted or are planning to move their primary listings overseas to attract a larger investor base.
Cointelegraph reached out to Bitpanda for comment but had not received a response by the time of publication.
Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns
London IPO market hits 30-year low
The UK is experiencing one of its most significant IPO droughts in decades. Market data referenced by the FT indicates that funds raised from London listings in the first half of the year reached a 30-year low, raising concerns about its competitiveness with other major financial hubs.
The UK has also been criticized for its stance on cryptocurrency. In June, experts from the Official Monetary and Financial Institutions Forum (OMFIF), a think tank, claimed that the UK has squandered its early advantage in distributed ledger technology finance.
Last month, Coinbase released a satirical video criticizing the UK economy, juxtaposing cheerful lyrics about “everything being fine” with grim visuals of poverty, inflation, debt, and deteriorating infrastructure.
Coinbase releases video taking aim at the UK. Source: Coinbase
Related: Blockchain-focused Figure Technology joins crypto IPO wave with SEC filing
Crypto companies file for US listings
Bitpanda’s withdrawal from London aligns with a broader trend of crypto firms seeking opportunities in the US capital markets. Recently, Gemini Space Station, founded by Cameron and Tyler Winklevoss, submitted its filing with the SEC to list Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
Other crypto companies that have recently pursued U.S. listings include blockchain lender Figure, BitGo, and Bullish, a Thiel-backed exchange that went public on the NYSE this month.
Bitpanda has also made its debut in the UK, allowing users to trade over 600 digital assets, and recently entered into a sponsorship agreement with Arsenal Football Club.
Magazine: Altcoin season 2025 is almost here… but the rules have changed
