Bitpanda, the Vienna-based cryptocurrency exchange backed by Peter Thiel and Alan Howard, has decided against pursuing an initial public offering (IPO) on the London Stock Exchange (LSE). Co-founder Eric Demuth cited insufficient liquidity on the LSE as the primary reason for this decision. He noted that the LSE is currently struggling to attract investor interest, with the UK's IPO market reaching a 30-year low in funds raised this year. Demuth emphasized that, while the company had actively considered a public listing, "it will not be in London" .

Instead, Bitpanda is now focusing on potential listings in Frankfurt or New York. These markets are perceived to offer deeper liquidity pools and more robust investor demand, particularly for fintech and crypto firms. The U.S., in particular, has seen a surge in crypto-related IPOs, with companies like Circle, Gemini, and Bullish recently debuting on U.S. exchanges .

Founded in 2014, Bitpanda has expanded its operations beyond Austria, including a recent launch in the UK. However, the company generates most of its revenue from continental Europe, making the UK a lower priority for strategic moves like stock exchange listings .

This move reflects a broader trend among fintech and crypto companies shifting their IPO plans away from the UK due to concerns over market liquidity and investor interest. As the global financial landscape evolves, companies are increasingly seeking markets that can provide the necessary support for successful public offerings.