Bitpanda Eyes €5B Frankfurt IPO in Crypto Listing Wave

TLDR

• Bitpanda plans to list on the Frankfurt Stock Exchange at a targeted €4–5 billion valuation in 2026.
• The company expanded its platform to over 10,000 stocks and ETFs to position itself as a multi-asset brokerage.
• Bitpanda reported €371 million in revenue for 2025 while adjusted EBITDA fell 75% to €13 million.
• The firm secured a MiCA licence in the EU along with FCA approval in the UK and a VARA licence in Dubai.
• Circle, eToro, BitGo, and Kraken are also pursuing or completing public listings in 2026.

Bitpanda plans to list on the Frankfurt Stock Exchange at a targeted €4–5 billion valuation. The company confirmed the plan in January 2026 and aims to raise its public profile. It seeks to position itself as a European financial platform rather than a crypto exchange.

Bitpanda Targets Frankfurt Listing With Broader Financial Identity

Bitpanda selected Frankfurt instead of New York or London to anchor its European focus. The company serves Germany and Austria as its core markets and wants local institutional backing. It also partnered with Deutsche Bank in 2026 to launch a joint crypto custody service.

The company expanded its asset catalogue from about 350 instruments to over 10,000 stocks and ETFs. This expansion places Bitpanda in direct competition with Trade Republic across the DACH region. Management stated that the platform now operates as a multi-asset brokerage and infrastructure provider.

Revenue rose 16% to €371 million in 2025 compared with the prior year. However, adjusted EBITDA fell 75% from €52 million to €13 million. Management described the decline as a “pre-IPO spending push” focused on marketing and licensing.

The company increased brand visibility by hiring actor Christoph Waltz as an ambassador. It also directed funds toward regulatory approvals and product expansion. Executives said these actions aim to strengthen long-term positioning before the listing.

Bitpanda secured a MiCA licence in January 2025 for EU-wide operations. It also holds approval from the FCA in the United Kingdom and VARA in Dubai. These approvals allow cross-border services under existing regulatory frameworks.

Circle, eToro, and BitGo Shape 2026 Crypto IPO Landscape

Circle listed on the NYSE in June 2025 and trades near $112 as of March 2026. The stock price stands nearly triple its debut level. Analysts classify Circle as a programmable dollar utility rather than a trading platform.

eToro listed on Nasdaq in May 2025 and has maintained steady performance since its debut. The company operates a hybrid model combining crypto and traditional assets. Market data shows consistent trading volumes across retail segments.

BitGo completed its public listing in January 2026 as a pure-play custodian. The company focuses on digital asset custody and infrastructure services. Its debut reinforced interest in custody-based revenue models.

Kraken targets a $20 billion valuation after acquiring NinjaTrader. The company promotes itself as a clean alternative to Coinbase. Consensys prepares an offering tied to MetaMask’s 30 million users.

Ledger plans a listing built on hardware wallet sales and self-custody demand. Executives across the sector have aligned offerings before the November 2026 U.S. midterm elections. Bitpanda CEO Eric Demuth has not announced a final listing date as of March 2026.

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