Crypto exchange Bitpanda has decided against pursuing a listing on London’s public markets, citing concerns over weak liquidity on the London Stock Exchange (LSE).
Eric Demuth, co-founder of the Vienna-based exchange, told the Financial Times that while Bitpanda is actively exploring a public listing, “it will not be in London.” The company is instead considering potential listings in Frankfurt or New York, though no specific timeline has been announced.
“From a liquidity perspective, the LSE is currently underperforming,” Demuth said. “I hope it improves, but over the next few years, I think the LSE will face some challenges.”
He also highlighted that several firms, including British fintech Wise, have already relocated or are planning to move their primary listings overseas to tap into larger pools of investors.
London IPO Market Plunges to Lowest Level in 30 Years
The UK is experiencing one of the sharpest IPO slowdowns in decades. Market data cited by the Financial Times shows that funds raised through London listings in the first half of the year fell to a 30-year low, raising questions about the city’s ability to compete with other global financial hubs.
The country has also faced criticism over its crypto policies. In June, analysts at the Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank, suggested that the UK had squandered its early-mover advantage in distributed ledger finance.
Adding to the scrutiny, Coinbase last month released a satirical video highlighting the state of the UK economy, pairing upbeat lyrics about “everything being fine” with stark visuals of poverty, inflation, mounting debt, and deteriorating infrastructure.
Crypto Firms Seek Public Listings in the US
Bitpanda’s decision to bypass London comes as more crypto companies turn to the US for capital market opportunities. Earlier this month, Gemini Space Station, the exchange founded by Cameron and Tyler Winklevoss, filed with the SEC to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
Other crypto firms recently pursuing US listings include blockchain lender Figure, BitGo, and Bullish—a Thiel-backed exchange that debuted on the NYSE this month.
Meanwhile, Bitpanda has recently expanded into the UK, offering users access to over 600 digital assets, and secured a sponsorship deal with Arsenal Football Club.
