In 2025, the cryptocurrency exchange Bitpanda has officially ruled out the possibility of a public offering on the London Stock Exchange (LSE). This decision comes in light of the current state of liquidity on the LSE, which has been described as weak by the company’s co-founder, Eric Demuth. Speaking to the Financial Times, Demuth stated, “Currently, liquidity-wise, the LSE is not doing too well.” He expressed hope for improvement in the future, but also acknowledged that the LSE might continue to face challenges over the coming years.
Instead of pursuing a listing in London, Bitpanda is considering options in Frankfurt or New York. While a specific timeline for this move has not been established, the firm’s exploration of these markets aligns with a broader trend among cryptocurrency companies seeking more favorable conditions for public listings. This shift is particularly notable as several companies, including British fintech firm Wise, have opted to relocate their primary listings abroad to enhance their appeal to investors.
The UK has been experiencing a significant drought in initial public offerings, with 2025 marked as one of the toughest years for IPO activity in decades. According to market data referenced by the Financial Times, the amount raised from London listings in the first half of the year dropped to a 30-year low. This decline has raised concerns about the UK’s capacity to compete with other leading global financial centers.
Compounding these challenges, the UK’s regulatory stance towards cryptocurrency has come under scrutiny. In June, analysts from the Official Monetary and Financial Institutions Forum (OMFIF) indicated that the UK had squandered its early-mover advantage in distributed ledger technology. This criticism highlights the urgency for the UK to revisit its regulatory framework to better accommodate the evolving crypto landscape.
Adding to the narrative of the UK’s economic challenges, Coinbase recently released a satirical video that juxtaposes cheerful lyrics about the economy with stark visuals depicting poverty, inflation, and deteriorating infrastructure. This stark contrast serves as a commentary on the current economic climate and reflects the growing discontent among industry players.
As Bitpanda distances itself from the LSE, it is not alone in its pursuit of more favorable conditions. The cryptocurrency sector continues to pivot towards the United States, where firms are increasingly looking for capital market opportunities. Recently, Gemini Space Station, founded by the Winklevoss twins, filed with the SEC seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI. Other notable firms, including Figure, BitGo, and Bullish have also made moves to establish a presence in U.S. markets.
Bitpanda has made strides in the UK market by allowing users to trade over 600 digital assets and recently announced a sponsorship agreement with Arsenal Football Club. These initiatives suggest that while the firm may be stepping back from a London IPO, it remains committed to expanding its footprint in the cryptocurrency space.
For further updates on the evolving landscape of cryptocurrency exchanges and their market strategies, you can explore more at Cointelegraph.
