Crypto exchange Bitpanda has ruled out a public listing in London. Co-founder Eric Demuth told the Financial Times that the London Stock Exchange (LSE) lacked the liquidity needed for a strong debut.
“Currently, liquidity-wise, the LSE is not doing too well,”
Demuth said. He added,
“I hope that it gets better, but over the next few years, I think the LSE is struggling a bit.”
The Vienna-based exchange confirmed it was still exploring options for a public offering but would not pursue London.
Instead, the company is weighing listings in Frankfurt or New York, though no firm timeline has been set.
Bitpanda’s decision highlights wider challenges facing the UK’s public markets, where firms are increasingly reluctant to raise capital.
London IPO Market Hits 30-Year Low
The London IPO market has slumped to levels not seen in three decades. According to FT data, the first half of the year recorded the lowest amount raised from listings in 30 years.
This decline has raised questions about the LSE’s ability to compete with global rivals.
Several firms, including UK fintech Wise, have already moved or are considering shifting their primary listings abroad. The aim is to tap into larger investor bases and stronger liquidity pools outside London.
The UK has also faced criticism over its crypto policy. In June, the Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank, stated that the country had lost its early advantage in distributed ledger finance.
The shift underscores the pressure on the UK government and regulators to adapt. Without stronger market participation, London risks falling further behind in attracting crypto firms.
Crypto Companies Look to US IPOs
While London struggles, the US market is attracting a wave of crypto listings.
Earlier this month, Gemini Space Station, founded by Cameron and Tyler Winklevoss, filed with the SEC to list Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
Other crypto firms following the same path include Figure, a blockchain lender, BitGo, and Bullish, an exchange backed by Peter Thiel, which listed on the NYSE this month.
Bitpanda itself recently expanded its UK presence. It launched services allowing users to trade more than 600 digital assets and signed a sponsorship deal with Arsenal Football Club.
The move signals that, while the company grows its UK operations, its eyes remain set on public markets abroad.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 26, 2025 • 🕓 Last updated: August 26, 2025
