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Vienna-based cryptocurrency exchange Bitpanda is weighing up going public in Frankfurt.
Financial giants Citigroup and JPMorgan Chase are leading the move, providing guidance to Bitpanda on possible options, including a sale.
Bitpanda's potential IPO listing is expected to draw in a valuation of over $4 billion. It was last valued at $4.1 billion in August 2021 following a significant investment round led by billionaire Peter Thiel’s Valar Ventures and supported by Alan Howard and REDO Ventures
Interest in an IPO or sale has been inspired by the regulatory approval of Bitcoin ETFs and the subsequent success of the products. Bitcoin, which just surpassed $70,000, has also reflected strength in the market this year.
US crypto exchange Kraken has also been mulling a potential IPO while Thai crypto exchange Bitkub is targeting an IPO in 2025.
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Founded in 2014, Bitpanda initially focused on crypto trading but now offers equity derivatives and commodities. The firm reported over €100 million in revenue in early 2024, marking a turnaround from €130 million in losses in 2022, and anticipates record profit this year.
“We can withstand long bear markets and scale significantly with high profit margin in bull markets,” said Bitpanda founder and Chief Executive Officer Eric Demuth in May.
Earlier this year, Deutsche Bank and cryptocurrency broker Bitpanda teamed up to provide real-time payment solutions for its customers in Germany.
Deutsche Bank had already worked with Bitpanda by offering support for its operational needs as its European Hausbank for cross-currency solutions in Austria and Spain.
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Through the partnership Bitpanda received access to German IBANs through the API-based solution, which will streamline and enhance the user experience by boosting speed and efficiency.
