Bitpanda Backed by Peter Thiel Considers IPO
According to Bloomberg, citing informed sources, cryptocurrency trading platform Bitpanda, backed by billionaire Peter Thiel, is exploring various options, including a potential initial public offering (IPO) in Frankfurt or a sale.
Bitpanda is valued at over $4.1 billion and has collaborated with Coinbase
Bitpanda, an Austrian company based in Vienna, was founded in 2014. Its trading platform offers products including cryptocurrencies like Bitcoin and Ethereum, commodities such as 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 offers 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, achieving a valuation of $4.1 billion.
In May 2023, U.S. cryptocurrency exchange Coinbase also partnered with Bitpanda, utilizing Bitpanda’s enterprise-level infrastructure to directly connect with banks and fintech companies to provide cryptocurrency services to customers.
(Coinbase enters Europe, collaborating with Bitpanda to offer cryptocurrency services to customers)
Bitpanda is exploring the possibility of an IPO or sale
In May of this year, Bitpanda stated that it expects to achieve record profits in 2024, with net revenue exceeding €100 million (approximately $108 million) in the first three months of this year. After reporting a loss of over €130 million in 2022, the company recorded a pre-tax profit of €13.6 million last year.
Following the approval of spot Bitcoin exchange-traded funds by U.S. regulators, cryptocurrencies have surged this year, making digital asset companies more attractive to potential buyers. Expectations that pro-cryptocurrency Republican candidate Trump will win the U.S. presidential election have also fueled the rise of cryptocurrencies. Informed sources indicate that Bitpanda is working with Citigroup and JPMorgan to explore the possibility of an IPO and may also consider a direct sale, which could occur next year. However, discussions are ongoing, and the company may ultimately decide not to pursue a transaction
