Bitpanda, a Vienna-based crypto trading platform backed by Peter Thiel, is preparing to pursue an IPO on the Frankfurt Stock Exchange in the first half of 2026, with reports pointing to a targeted valuation of €4–5 billion and lead arranger support from Goldman Sachs and Citigroup.
The plan signals a strategic tilt toward a regulated, liquid EU venue as crypto firms increasingly try to package growth narratives inside frameworks investors already understand.
Why Frankfurt, and what investors will pressure-test
Bitpanda’s reported decision to favor Frankfurt over London is being framed as both a liquidity play and a regulatory-alignment choice, especially as Europe’s Markets in Crypto-Assets (MiCA) framework becomes a more central reference point for institutional due diligence.
Bitpanda, a cryptocurrency trading platform backed by billionaire Peter Thiel, is gearing up for a Frankfurt initial public offering as soon as the first half of this year, sources say https://t.co/nmS6yVJKVY
— Bloomberg (@business) January 13, 2026
On the numbers side, the report flags several anchors investors will likely run through diligence models: a €4–5 billion valuation target, a first-half 2026 timeline (potentially as early as Q1), and a historical $263 million funding round in 2021 that pushed Bitpanda into unicorn territory. Revenue trend is also positioned as a key proof point, with reported revenue rising from $98.66 million in 2022 to $161.81 million in 2023.
Bitpanda is pitching a compliance-forward profile, citing that it holds a PSD2 payment service provider licence and an e-money licence, and is pursuing alignment with MiCA-driven expectations that shape market conduct in the EU. The implicit message to institutions is “lower legal and operational uncertainty relative to lighter-regulated venues,” even if the listing still hinges on market windows and risk appetite.
Partnerships that could strengthen the institutional story
Beyond the IPO mechanics, Bitpanda is reported to be developing partnerships intended to broaden its institutional footprint. A key initiative under discussion is a crypto custody collaboration with Deutsche Bank expected to launch in 2026, which—if delivered—would underscore the convergence between traditional custody infrastructure and crypto market access.
The company has also leaned into distribution and brand expansion, including a partnership with RAKBANK in the UAE and consumer marketing involving public figures, as part of a wider effort to scale its retail reach ahead of a public listing.
If the IPO path holds, investors and market makers will likely treat two items as gating factors for the €4–5 billion valuation range: delivery against the Deutsche Bank custody initiative and verification of Bitpanda’s 2025 revenue trajectory. Execution on those points would strengthen the “regulated growth” thesis and support the case that Frankfurt can provide the liquidity and institutional sponsorship management is targeting.
