March 16, 2026 – Vienna-based crypto broker pivots from retail growth to institutional infrastructure, betting on tokenisation and banking partnerships to fuel its public market debut.
Key Takeaways:
• Bitpanda reported €371 million ($430 million) in 2025 adjusted revenue, up 16% year-over-year.
• The firm targets a €4–5 billion valuation for a Frankfurt Stock Exchange listing in H1 2026.
• Goldman Sachs, Citigroup, and Deutsche Bank are leading the offering.
• Tokenised real-world assets surged 66% in 2026 to $23.6 billion, per DeFiLlama.
Bitpanda is rewriting its growth playbook. Rather than chasing consumer-facing expansion, the Vienna-based crypto broker is embedding its infrastructure into traditional banking systems worldwide.
According to CoinDesk, the company reported €371 million ($430 million) in adjusted revenue for 2025. That marks a 16% increase from the prior year. In addition, its registered user base grew 25% to 7.4 million.
These figures underpin an ambitious IPO plan. Bloomberg reported in January that Bitpanda is preparing for a Frankfurt Stock Exchange listing. As a result, the target valuation ranges from €4 billion to €5 billion ($4.7–$5.8 billion). Goldman Sachs, Citigroup, and Deutsche Bank are advising on the deal.
Banking Partnerships Over Retail Competition
At the core of Bitpanda’s global strategy is white-labelling its technology to banks. Vishal Sacheendran, VP of global markets strategy, outlined this approach to CoinDesk.
Instead of competing with local exchanges, the firm wants to power crypto services for existing financial institutions. Consequently, this model eliminates the costly acquisition of retail customers in new markets.
Early results are already visible. For instance, the UAE’s RAKBANK launched crypto trading for retail clients through Bitpanda’s platform in July 2025. Moreover, the firm formalised its institutional push with the launch of Bitpanda Enterprise in early March 2026.
Specifically, this new unit bundles API-based investment infrastructure, institutional custody, and payment rails. It serves banks, brokers, asset managers, and fintech firms across Asia, Latin America, and the Middle East.
Tokenization as a Revenue Catalyst
In addition to banking partnerships, Bitpanda is betting heavily on real-world asset (RWA) tokenisation. Currently, the firm already offers fractional trading of stocks and ETFs through tokenised instruments.
Notably, this push aligns with surging institutional interest. On public blockchains, tokenised RWAs climbed 66% year-to-date in 2026 to $23.6 billion, according to DeFiLlama data. Of that total, tokenised funds alone account for $10.5 billion.
BlackRock, JPMorgan, and Franklin Templeton have all launched tokenised fund products. Meanwhile, McKinsey projects the broader RWA market could reach $2 trillion by 2030. As a result, Bitpanda aims to offer these capabilities to partner banks globally.
Regulatory Positioning and IPO Timing
Bitpanda holds a MiCA-compliant licence under the EU’s crypto regulatory framework. Because of this, it is well-positioned among institutional partners in emerging markets. Regulators in Asia and the Middle East increasingly seek partners with strong compliance credentials.
Furthermore, the planned IPO comes during a broader wave of crypto listings. Coinbase pioneered this path via a 2021 Nasdaq direct listing. Subsequently, Circle, Bullish, and Gemini followed with public offerings in 2025. Kraken has also filed confidentially for an IPO at a reported $20 billion valuation.
However, early 2025 crypto IPOs delivered mixed results. Several firms saw share prices retreat from post-listing highs. In contrast, Bitpanda’s bank partnership model may offer a differentiator. It provides recurring, institutional revenue rather than volatile retail trading volumes.
What to Watch
Ultimately, Bitpanda’s success hinges on several factors. New bank partnerships in emerging markets will serve as a key metric. Additionally, IPO timing and final valuation details remain unconfirmed. Competition from infrastructure providers like Fireblocks and Copper also adds pressure.
Above all, the core question is whether this white-label model scales across diverse regulatory environments. If it does, Bitpanda could emerge as one of Europe’s most significant crypto infrastructure firms and a compelling public market candidate.
Sources:
1. CoinDesk – “Crypto broker Bitpanda bets on banks and tokenisation to expand globally ahead of IPO plans,” March 14, 2026.
2. Bloomberg – “Bitpanda said to gear up for Frankfurt IPO in first half of 2026,” January 13, 2026.
3. The Block – “Peter Thiel-backed Bitpanda eyes IPO in first half of 2026,” January 14, 2026.
4. DeFiLlama – Tokenized RWA on-chain data, accessed March 2026.
5. McKinsey & Company – RWA tokenization market projections ($2 trillion by 2030).
6. Finance Magnates – “Bitpanda Sheds Crypto-Only Label With $5 Billion Frankfurt IPO Push.”
