Bitpanda reportedly exploring options, including IPO

Bitpanda, a crypto trading and exchange platform backed by billionaire Peter Thiel, is evaluating its strategic options, according to a report by Bloomberg.

An Oct. 28 news article reported that Austria-based crypto exchange Bitpanda is evaluating options, including a potential public listing. Sources familiar with the development said the initial public offering would likely take place in Frankfurt.

Those working with the Vienna-based crypto company include banking giants Citigroup Inc. and JPMorgan Chase & Co. While Bitpanda has yet to officially release any details regarding the reported matters, Bloomberg sources have mentioned a potential sale as another option besides an IPO.

Sell ​​option

A deal for the cryptocurrency exchange founded by Eric Demuth, Paul Klanschek and Christian Trummer in 2014 would likely result in a valuation of $4 billion or more.

According to the report, this possibility may occur in 2025. However, Bitpanda may still halt the process while discussions about this option continue. Reports of a potential sale come months after Robinhood announced it was acquiring Bitstamp for $200 million.

Bitpanda raised $263 million at a $4.1 billion valuation in August 2021, with backing from Peter Thiel’s Valar Ventures, among others.

Data on the company’s website shows that the team consists of over 70 members from 50 different nationalities and its customer base reaches more than 5 million users. Besides cryptocurrencies, Bitpanda also offers trading of stocks, exchange-traded funds, crypto indices, and commodities.

The platform is licensed from Germany’s BaFin, has virtual asset service provider approval in Norway, and has collaborated with German lender Deutsche Bank for crypto payments. The exchange also announced a collaboration with RAKBANK, a state-backed Dubai bank, in August 2024.

Bitpanda Custody allows the exchange to offer its custody solution in the United Kingdom and also has regulatory approval to operate in the European Union. The EU is moving closer to fully implementing Crypto-Asset Markets (MiCA) regulation.

It is noteworthy that MiCA rules will begin to apply to stablecoins on June 30, 2024, and will come into full force on December 30, 2024.