Bitpanda Eyes Frankfurt IPO for H1 2026 at €4B+ Valuation
Peter Thiel-backed exchange targets a €4B+ valuation in Frankfurt, capitalizing on record 2024 profits and MiCA regulatory clarity.
European crypto broker Bitpanda is finalizing plans for a public listing on the Frankfurt Stock Exchange as early as the first half of 2026, targeting a valuation exceeding €4 billion ($4.3 billion). The move, first reported by Bloomberg, signals a maturing digital asset market in Europe as the Vienna-based unicorn pivots from venture capital to public equity.
The Numbers
Sources familiar with the matter indicate Bitpanda has mandated Citigroup and JPMorgan to lead the process. The decision follows a record-breaking 2024, where the company generated €426 million in operating revenue, a stark turnaround from the net losses endured during the 2022 bear market.
Unlike many peers that saw valuations compressed, Bitpanda is aiming to defend or exceed its 2021 high-water mark of $4.1 billion, achieved when Peter Thiel’s Valar Ventures led its Series C. The targeted €4-5 billion range suggests institutional confidence in the platform’s regulatory-first strategy.
Why Frankfurt Matters
Choosing Frankfurt over the Nasdaq is a calculated play on regulatory geography. With the EU’s Markets in Crypto-Assets (MiCA) regulation now fully enforceable, Bitpanda is positioning itself as the compliant, continental alternative to U.S.-centric giants like Coinbase.
The exchange has successfully diversified beyond crypto, now offering commodities and leverage products to a user base of over 5 million, reducing reliance on pure spot trading volume.
Market Reaction
Bitpanda’s native token, BEST, showed a muted reaction to the news, holding steady near $0.35 as traders had largely priced in IPO rumors circulating since late 2025. The listing could serve as a bellwether for other European fintechs, potentially unlocking a backlog of regional tech IPOs if successful.
