Bitpanda, a crypto trading and exchange platform backed by billionaire Peter Thiel, is weighing its strategic options, according to a report by Bloomberg.
In a news article on Oct. 28, reported that Austria-based crypto exchange Bitpanda is considering options, including a potential public listing. Sources familiar with the development indicated that an initial public offering, would likely take place in Frankfurt.
Those working with the Vienna-based crypto company include banking giants Citigroup Inc. and JPMorgan Chase & Co. While Bitpanda has yet to officially release any details of the reported considerations, Bloomberg sources mentioned a potential sale as another option alongside the IPO.
Sale option
A deal for the cryptocurrency exchange, founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer, would likely result in a valuation of $4 billion or more.
According to the report, this possibility could materialize in 2025. However, while discussions about this option are ongoing, Bitpanda could still halt the process. Reports of a potential sale come months after Robinhood announced a $200 million acquisition of Bitstamp.
Bitpanda raised $263 million at a $4.1 billion valuation in August 2021, with backing from Peter Thiel’s Valar Ventures, among others.
Data on the company website indicates the team comprises over 70 members from 50 different nationalities, while its customer base has grown to more than 5 million users. In addition to cryptocurrencies, Bitpanda offers trading of stocks, exchange-traded funds, crypto indices, and commodities.
The platform has license from Germany’s BaFin, has a virtual asset service provider approval in Norway and has teamed up with German lender Deutsche Bank for crypto payments. The exchange also announced a collaboration with RAKBANK, a state-backed Dubai bank, in August 2024.
Bitpanda Custody allows the exchange to offer its custody solution in the United Kingdom, and it also has regulatory approval to operate in the European Union. The EU is nearing full implementation of its Markets in Crypto Assets (MiCA) regulation.
Notably, MiCA rules started applying to stablecoins on June 30, 2024 and will take full effect on December 30, 2024.
