Is Bitpanda on the Verge of an IPO as Crypto Market Skyrockets
Bitpanda GmbH, a renowned cryptocurrency trading platform supported by billionaire Peter Thiel, is preparing for a significant transformation that has captured the interest of cryptocurrency enthusiasts. According to insiders, as reported by Bloomberg, the company is considering a potential initial public offering (IPO) in Frankfurt.
Bitpanda, based in Vienna, is currently collaborating with industry giants Citigroup Inc. and JPMorgan Chase & Co. and may also contemplate selling itself. This strategic move could potentially value Bitpanda at an astonishing $4 billion or even higher. While discussions are underway, no final decisions have been made, and there is a possibility that the company may postpone any transaction.
The rally of cryptocurrencies this year, following the approval of spot Bitcoin exchange-traded funds by US regulators, has made digital-asset companies more attractive to potential investors. Furthermore, the anticipation of a pro-crypto Republican candidate, Donald Trump, gaining momentum in the upcoming US presidential election has further fueled optimism in the market.
Bitpanda has solidified its position as a leading platform for retail trading in cryptocurrencies, equity derivatives, and commodities. It garnered significant attention when it reached a valuation of $4.1 billion in August 2021, after securing a substantial $263 million funding round that included investments from Valar Ventures, Thiel’s investment firm, and billionaire financier Alan Howard.
Looking ahead, Bitpanda is already forecasting a record profit in 2024, with reported revenue of over €100 million ($108 million) for just the first quarter of this year. Despite navigating losses surpassing €130 million in 2022, the company managed to achieve a pre-tax profit of €13.6 million last year. Additionally, Bitpanda is expanding its services by recently announcing the provision of Deutsche Bank IBANs for clients in Germany, streamlining real-time transfers to and from their brokerage accounts.
With an exciting future on the horizon, all eyes will be on Bitpanda as they explore their next significant move in the ever-evolving cryptocurrency landscape!