- Bitpanda may pursue an IPO or sale valued at $4 billion.
- The platform has more than 5M members and offers a wide range of trading options.
Bitpanda, the cryptocurrency trading and exchange company founded by billionaire Peter Thiel, is allegedly exploring strategic options, including going public. According to a Bloomberg piece on October 28, the Austria-based exchange is mulling an initial public offering (IPO), which is expected to be held in Frankfurt. Sources familiar with the situation suggest that the company could consider a sale in addition to the IPO option.
Bitpanda, founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer, has gained popularity due to its quick expansion. A sale of the exchange would certainly result in a valuation of $4 billion or more. The conversations about these potential changes are still in the early stages and might take place as early as 2025M, however, the company can decide to end the process at any point.
Bitpanda’s Strategic Growth Initiative
The platform is collaborating with large banking institutions, including Citigroup Inc. and JPMorgan Chase & Co., to negotiate these strategic considerations. These negotiations follow Robinhood’s recent $200 million acquisition of Bitstamp, indicating continued interest in the crypto exchange sector.
Bitpanda raised $263 million in August 2021, valued at $4.1 billion, with noteworthy backing from Thiel’s Valar Ventures. The company’s website shows a varied team of over 70 workers representing 50 different nationalities, as well as a growing client base of over 5 million users. In addition to cryptocurrencies, Bitpanda allows you to trade stocks, exchange-traded funds (ETFs), cryptocurrency indices, and commodities.
Bitpanda is licensed by Germany’s BaFin and has been approved as a virtual asset service provider in Norway. The platform recently teamed with Deutsche Bank for cryptocurrency payment solutions and announced a relationship with RAKBANK, a state-backed Dubai bank, in August 2024.
Additionally, Bitpanda Custody allows the exchange to provide custody solutions in the United Kingdom and has regulatory authority to operate within the European Union. Bitpanda’s strategic moves may position it favorably in the growing crypto ecosystem as the EU prepares to fully implement its Markets in Crypto Assets (MiCA) law, which began application for stablecoins on June 30, 2024, and will be fully effective by December 30, 2024.
As Bitpanda navigates these developments, the combination of favorable market circumstances and strategic collaborations may pave the way for a successful IPO, strengthening its position in the competitive cryptocurrency spot.
