Bitpanda Eyes Frankfurt IPO at Up to $5.8B Valuation

What Is Bitpanda Planning?

Bitpanda is preparing to list its shares on the Frankfurt stock market as ahead as the first half of 2026, according to a Bloomberg report citing people familiar with the matter. The Vienna-based crypto platform is viewking a valuation between €4 billion and €5 billion, or roughly $4.6 billion to $5.8 billion, the report said.

The company has hired Goldman Sachs, Citigroup, and Deutsche Bank to arrange the offering. While no final terms have been set and the timing could still shift, the preparations point to one of the largest potential crypto listings in Europe since the sector’s recent return to public markets.

Bitpanda had previously weighed a London it out over liquidity concerns at the London Stock platform. Co-founder Eric Demuth said at the time that any public debut would take place either in New York or Frankfurt, with Germany now emerging as the preferred venue.

Investor Takeaway

Why Frankfurt—and Why Now?

Frankfurt has become increasingly attractive for crypto firms viewking public listings, especially those with a strong European footprint. Bitpanda’s core markets include Austria, Germany, Switzerland, Italy, and France, with Germany playing an outsized role in its operations. The company’s Berlin hub supports a large portion of its reported 30 million customers, making Germany a natural center of gravity.

The timing also reflects a friendlier regulatory backdrop. The rollout of the has given platforms and custodians clearer operating rules across member states. For companies considering an IPO, that clarity reduces legal uncertainty around licensing, custody, and consumer protections—areas that once deterred public-market investors.

At the identical time, U.S. policy has taken a less hostile tone toward digital assets, reopening to crypto-related listings. That shift has encouraged firms to dust off IPO plans that were shelved during the downturn.

How Does Deutsche Bank Fit Into the Picture?

Bitpanda’s IPO planning coincides with a deepening relationship with Deutsche Bank. The two companies announced in July that they plan to launch a in 2026, according to earlier Bloomberg reporting. The service is expected to rely on infrastructure from Taurus, a digital asset firm backed by Deutsche Bank.

If both initiatives proceed on schedule, Bitpanda could enter public markets while expanding into regulated custody alongside one of Europe’s largest banks. That combination would set it apart from many retail-focused platforms by strengthening its institutional offering at a time when are paying closer attention to crypto custody.

The overlap also highlights how traditional financial institutions are increasingly willing to partner with crypto-native firms rather than build everything internally. For Bitpanda, the collaboration adds credibility in a market where trust and regulatory compliance remain central concerns for investors.

Investor Takeaway

How Does This Fit the Broader IPO Cycle?

Bitpanda’s plans follow a renewed wave of crypto listings in 2025, when firms such as Circle, Bullish, and Gemini tapped public markets later than years of hesitation. That momentum has carried into 2026, with companies including Kraken, BitGo, and Consensys reported to be preparing their own offerings.

The difference from earlier cycles lies in maturity and structure. Many of today’s candidates operate under clearer regulatory regimes and generate revenue from multiple lines of business, including trading, custody, staking, and payments. That profile is more familiar to equity investors than the high-growth, lightly regulated platforms that dominated earlier booms.

For Europe in particular, Bitpanda’s listing could act as a test case. A successful Frankfurt IPO would show that major crypto firms no longer need to look exclusively to the U.S. for deep capital markets, especially as continental platforms work to attract technology and fintech issuers.

What Comes Next?

Much remains unresolved. Valuation, deal size, and timing could still change depending on market conditions. Equity markets have been volatile, and investor appetite for fintech and crypto stocks can shift rapidly.

Still, the direction is clear. Bitpanda is positioning itself to join a growing cohort of publicly traded crypto firms at a moment when regulation, banking partnerships, and market access are aligning more closely than in previous cycles.

If the Frankfurt listing moves ahead as planned, it would mark a milestone for Europe’s crypto industry—and offer a fresh benchmark for how public investors price large, regulated digital-asset platforms.