Bitpanda, the Vienna-based retail crypto exchange, is reportedly preparing for an IPO on Frankfurt’s stock exchange in the first half of 2026 — potentially as early as Q1 — with a target valuation of roughly €4 billion to €5 billion ($4.7–$5.8 billion), Bloomberg reports. Why it matters - A Frankfurt listing would mark a major public-market push for one of Europe’s largest crypto platforms. Founded in 2014, Bitpanda claims more than seven million users and — while it does not publish trading volumes — consultancy EY estimates the firm controls about 59.6% of Austria’s domestic crypto trading market. - Advisory banks reportedly tapped for the deal include Goldman Sachs, Citigroup and Deutsche Bank, a sign the company is lining up heavyweight underwriters ahead of any filing. Why Frankfurt, not London - Bitpanda previously dismissed a London listing last August. CEO Eric Demuth told the Financial Times that London offers lower liquidity than markets such as New York and Frankfurt, noting how other European fintechs (including Wise) have skipped London in recent listings. A crowded IPO pipeline - The move would come amid a broader wave of crypto industry listings. 2025 was unusually active for crypto IPOs, with major debuts from Circle (USDC issuer), Bullish and eToro. Several rivals are also eyeing public listings: Kraken filed confidentially for an IPO in November after a $20 billion post-money valuation and is waiting on SEC timing, and firms such as FalconX, Grayscale and Blockchain.com have discussed near-term IPO plans. - 2026 has already started with activity: custody and wallet provider BitGo filed for an NYSE IPO this week, seeking a valuation of nearly $2 billion and targeting a Jan. 21 offering date. Status: unconfirmed - Bitpanda has not officially confirmed Bloomberg’s report; Decrypt has contacted the exchange for comment. If the IPO proceeds on the timeline reported, it would be one of the largest public listings yet for a European crypto-native business and another sign of growing institutional interest in the sector. Read more AI-generated news on: undefined/news

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