Peter Thiel-Backed Bitpanda Shuns UK Listing Over Liquidity Concerns: Exclusive Report
Bitpanda—the crypto exchange heavyweight backed by billionaire Peter Thiel—has reportedly walked away from a potential UK listing. The reason? Liquidity just didn’t cut it.
Behind the Decision
Sources close to the matter say the platform’s leadership pulled the plug after concluding that current market conditions wouldn’t support a strong public debut. Thin order books, volatile spreads, and institutional hesitation all played a role—classic hurdles in an industry still fighting for mainstream trust.
Thiel’s shadow looms large here. His early bets on disruptive tech are legendary, but even his Midas touch hasn’t made crypto markets behave like traditional equities. Maybe that’s why Bitpanda decided to bypass London’s regulatory circus altogether.
Another day, another crypto firm sidestepping the old-world financial system—but who’s really losing? The City’s loss might be Vienna’s gain, as Bitpanda doubles down on European expansion instead. After all, why play by rules written for a game that’s already obsolete?
London’s IPO Market Sinks To Lowest Levels In Three Decades
His remarks come as London struggles to maintain its role as a hub for initial public offerings. The UK’s IPO market has fallen to a 30-year low in 2025. In the first half of the year, only £160m ($216m) to £182.8m ($247.8m) was raised. By contrast, the 2021 peak reached £8.8b ($11.88b).
Even when secondary issues are included, the total remains the weakest fundraising environment in decades.
Demuth said another factor behind the decision was that Bitpanda had only recently launched in the UK and still generated most of its revenue from continental Europe.
Bitpanda Looks To Align With Markets Offering Greater Liquidity
The company’s stance reflects a broader trend. Increasingly, crypto firms are choosing to go public in the US or continental Europe. In these regions, regulators and investors are seen as more receptive.
Moreover, the New York Stock Exchange and Nasdaq have emerged as the leading destinations. They are being buoyed by friendlier policies under the TRUMP administration and an influx of institutional capital.
Earlier this year, Circle, the issuer of the USD Coin stablecoin, raised $1.05b on the NYSE at a valuation of roughly $8b. The Winklevoss twins’ Gemini exchange and crypto custodian BitGo have also filed to list in the US. Another Thiel-backed venue, Bullish, floated on the NYSE this month.
The contrast shows London’s struggle to compete with deeper markets abroad. While the UK has sought to position itself as a fintech leader, thin trading volumes and diminished investor appetite have raised doubts about its attractiveness for high-growth technology companies.
For Bitpanda, the decision points to its broader ambition to align with jurisdictions offering liquidity, regulatory clarity and investor enthusiasm.
With nearly a decade of operations across Europe and support from prominent backers, the exchange is positioning itself to follow the playbook of its peers and tap global capital markets.
