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Austrian cryptocurrency exchange Bitpanda is reportedly eyeing a potential initial public offering in Frankfurt, Germany.Crypto Exchange Has Tapped Citigroup and JP MorganAccording to the report, an IPO is one of several options the exchange is considering, and Citigroup and JP Morgan have been appointed to advise on the process. However, nothing has been set in stone just yet, with Bloomberg suggesting that the company could also decide against going ahead with the plan.
Bitpanda was founded in 2014 to offer crypto retail trading and equities derivatives. It raised more than $260 million in a 2021 funding round that included participation from billionaire investor Peter Thiel’s Valar Ventures. At the time, the company was valued at $4.1 billion. With the crypto market rallying this year following the approval of Bitcoin and Ethereum spot ETFs by the U.S. Securities and Exchange Commission , operations like Bitpanda have prospered.
The company recently stated that it anticipates record profits in 2024. In the first quarter of the year, it raked in about $108 million. In 2023, it made more than $14 million in pre-tax profits, coming off a horrendous performance in 2022, when it reported losses amounting to $140 million.The company has been working to strengthen its foothold in the European crypto space.
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