🌎 Bitpanda Considers IPO or Sale Amid Strategic Evaluations

Bitpanda, a prominent crypto trading and exchange platform backed by billionaire Peter Thiel, is currently evaluating its strategic options, as reported by Bloomberg.

Potential Public Listing

According to a news article on October 28, the Austria-based crypto exchange Bitpanda is considering various strategic avenues, including a possible public listing. Sources familiar with the matter indicated that an initial public offering (IPO) would likely occur in Frankfurt. Banking giants Citigroup Inc. and JPMorgan Chase & Co. are reportedly involved in these considerations.

Exploring Sale Options

Bitpanda, founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer, might also explore a potential sale. This deal could value the cryptocurrency exchange at $4 billion or more, possibly materializing in 2025. However, these discussions are still ongoing, and Bitpanda could decide to halt the process at any time.

Recent Financial Moves

In August 2021, Bitpanda raised $263 million, achieving a valuation of $4.1 billion, with significant backing from Peter Thiel’s Valar Ventures. The company boasts a diverse team of over 70 members from 50 different nationalities and a growing customer base exceeding 5 million users.

Product and Service Offerings

Beyond cryptocurrencies, Bitpanda offers trading in stocks, exchange-traded funds (ETFs), crypto indices, and commodities. The platform is licensed by Germany’s BaFin, approved as a virtual asset service provider in Norway, and has partnered with German lender Deutsche Bank for crypto payments.

Key Partnerships and Regulatory Approvals

In August 2024, Bitpanda announced a collaboration with RAKBANK, a state-backed Dubai bank. Bitpanda Custody allows the exchange to offer its custody solution in the United Kingdom, and the company has regulatory approval to operate within the European Union. The EU is nearing full implementation of its Markets in Crypto Assets (MiCA) regulation, with MiCA rules starting to apply to stablecoins on June 30, 2024, and taking full effect on December 30, 2024.