EU Crypto Exchange Bitpanda Eyes $5B IPO in 2026: Report

Bitpanda, one of Europe’s most popular crypto  exchanges by trading volume, is reportedly planning an initial public offering in the first half of 2026. Bloomberg reports that the Vienna-based firm could seek a valuation of between €4 billion ($4.7 billion) and €5 billion ($5.83 billion). The offering is planned for Frankfurt’s stock exchange.

Bitpanda, founded in 2014, is one of Europe’s most popular retail crypto platforms, and claims to have over seven million users. Although it doesn’t publicly disclose its trading volumes, consultancy firm EY estimates that Bitpanda accounts for 59.6% of Austria’s domestic crypto trading market.

The exchange has reportedly tapped Goldman Sachs, Citigroup, and Deutsche Bank to work on the offering, which could potentially come as soon as the first quarter of 2026. Bitpanda has yet to confirm the reports, but Decrypt has contacted the exchange for comment.

The decision to list in Frankfurt, Germany’s financial capital, comes after Bitpanda ruled out a London listing last August. At the time, CEO Eric Demuth told the Financial Times that London offered lower liquidity than other major markets such as New York and Frankfurt, pointing to how other European firms, including fintech giant Wise, have opted against a London listing in recent years.

Another big year for crypto IPOs?

2025 was arguably the biggest year on record in terms of crypto IPOs. USDC issuer Circle, crypto exchange Bullish, and trading firm eToro all made major stock market debuts.

Several of Bitpanda’s competitors are also preparing to go public. Crypto exchange Kraken filed confidentially for an IPO in November, amid a $20 billion post-funding-round valuation, and is awaiting SEC approval and appropriate market conditions. Meanwhile, FalconX, Grayscale, and Blockchain.com have all discussed plans for IPOs in the near future.

2026 has already seen major crypto industry IPOs. Earlier this week, crypto wallet and custody provider BitGo filed for an IPO on the New York Stock Exchange (NYSE), which could value the Palo Alto, California-based firm as high as nearly $2 billion. The offering is currently pegged for January 21.