October 29, 2024October 29, 2024

Thiel-Backed Crypto Exchange Bitpanda Explores Options

Posted By: keaton

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(Bloomberg) — Bitpanda GmbH, a cryptocurrency trading platform backed by billionaire Peter Thiel, is exploring options including a potential initial public offering in Frankfurt, according to people familiar with the matter.

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The Vienna-based company is working with Citigroup Inc. and JPMorgan Chase & Co. and could also consider selling itself, the people said. Any deal could value Bitpanda at $4 billion or more, one of the people said, asking not to be identified as the information is private.

Should Bitpanda decide to proceed with a deal, it’s likely to happen next year, according to the people. Deliberations are ongoing and the company could decide against a transaction, the people said. Representatives for Citi and JPMorgan declined to comment, while Bitpanda didn’t respond to requests for comment.

Cryptocurrencies have rallied this year after US regulators approved spot Bitcoin exchange traded funds, making digital-asset companies more attractive to prospective buyers. Market anticipation of a victory by pro-crypto Republican candidate Donald Trump in the US presidential election also fueled the gains.

Founded in 2014, Bitpanda offers retail trading in crypto, equity derivatives and commodities. The Austrian startup was valued at $4.1 billion in August 2021 when it raised $263 million from investors including Thiel’s Valar Ventures, billionaire financier Alan Howard and REDO Ventures.

Bitpanda in May said it expects a record profit in 2024 with the company netting more than €100 million ($108 million) of revenue in the first three months of this year. It booked a €13.6 million pre-tax profit last year after more than €130 million of losses in 2022. In June, the company said it will provide Deutsche Bank IBANs for clients in Germany to facilitate real-time transfers to and from brokerage accounts.

–With assistance from Emily Nicolle.

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