Market
Bitpanda Plans IPO or Sale in 2025 After Record Revenue
Austria-based exchange Bitpanda is exploring the possibility of going public on the Frankfurt stock exchange.
The exchange is reportedly collaborating with major financial institutions, Citigroup Inc. and JPMorgan Chase & Co., to evaluate options.
Bitpanda Joins a Growing List of Crypto Firms Planning IPO
According to Bloomberg reports, Bitpanda is also considering a sale if its IPO plans do not pan out. If a deal proceeds, the exchange could be valued at $4 billion or more.
Any IPO or sale decision, if pursued, is likely to take place next year, though discussions are still in progress. However, no commitment has been made.
Read More: Top 5 Crypto Companies That Might Go Public (IPO) in 2024
These considerations come on the back of what could potentially be the exchange’s most profitable year. In May, Bitpanda projected record-breaking profits for 2024. It reported over $108 million in revenue in the first quarter of this year.
The trend of crypto companies going public has gained momentum throughout this year. This is largely due to the growing Institutional interest in cryptocurrencies, fueled by the popularity of Bitcoin ETFs.
Most notably, stablecoin issuer Circle recently moved its headquarters to the U.S. in anticipation of a possible IPO. Circle’s CEO stated the company is in a strong financial position and does not require additional funding prior to going public.
“Circle CEO Jeremy Allaire confirmed that the company remains committed to its IPO path, emphasizing strong financials and no immediate need for additional funding. Despite regulatory uncertainty, Allaire expressed confidence in USDC’s utility and ongoing legislative discussions in the US,” influencer Mario Nawfal wrote in an X (formerly Twitter) post.
Also, Genesis Digital Assets (GDA), the firm that once backed Sam Bankman-Fried’s Alameda Research, is also considering an IPO in the US. The firm will potentially launch a pre-IPO funding round by the end of the year.
GDA shifted its operations to the U.S. following China’s 2021 crypto mining ban, raising over $550 million to support its expansion during a challenging period for the industry.
Read More: Coinbase IPO – What It Is and What It Means for the Industry
Similarly, Crypto exchange Kraken is preparing a $100 million fundraising round ahead of a potential public listing next year. However, the exchange is still fighting an ongoing lawsuit from the SEC.
The regulator alleges that Kraken’s offerings of certain digital assets, including ADA, ALGO, and SOL, qualify as unregistered securities. Kraken contests this, accusing the SEC of regulatory overreach and lack of clarity.
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