Bitpanda, invested by Peter Thiel, considers conducting an IPO.
According to Bloomberg, citing sources familiar with the matter, the cryptocurrency exchange platform Bitpanda, backed by billionaire Peter Thiel, is exploring various options, including a potential initial public offering (IPO) in Frankfurt or a sale.
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Bitpanda Valued at Over $4.1 Billion, Also Partners with Coinbase
Bitpanda is an Austria-based company headquartered in Vienna, founded in 2014. Its trading platform offers a range of products including cryptocurrencies like Bitcoin and Ethereum, commodities like silver and gold, as well as various stocks and ETFs. Cryptocurrencies can be stored in digital wallets on the Bitpanda platform and can also be sent to other users. Additionally, the company provides its own credit card.
In August 2021, Bitpanda raised $263 million from investors including Peter Thiel's Valar Ventures, billionaire financier Alan Howard, and REDO Ventures, valuing the company at $4.1 billion.
In May 2023, the U.S. cryptocurrency exchange Coinbase partnered with Bitpanda, leveraging Bitpanda's business-to-business infrastructure to connect directly to banks and fintech companies, offering cryptocurrency services to customers.
Coinbase Expands into Europe, Partners with Bitpanda to Offer Cryptocurrency Services to Customers
Bitpanda Explores Possibility of IPO or Sale
In May of this year, Bitpanda stated that it expects record profits in 2024, with the company's net revenue in the first three months of this year exceeding €100 million (approximately $108 million). After incurring a loss of over €130 million in 2022, the company achieved a pre-tax profit of €13.6 million last year.
With the rise of cryptocurrencies this year following the approval of spot Bitcoin exchange-traded funds by U.S. regulatory authorities, digital asset companies have become more attractive to potential buyers. Market expectations of a Republican candidate like Trump, who supports cryptocurrencies, winning the U.S. presidential election have also driven the increase in cryptocurrency prices. Sources familiar with the matter indicate that Bitpanda is exploring the possibility of an IPO in collaboration with Citigroup and JPMorgan Chase, though they may also consider a direct sale, which could potentially occur next year. However, discussions are ongoing, and the company may ultimately decide not to proceed with the transaction.