Bitpandas Bold Leap Amidst Soaring Crypto Market: Potential IPO Imminent?
The post Bitpandas Bold Leap Amidst Soaring Crypto Market: Potential IPO Imminent? appeared first on Coinpedia Fintech News
In a fascinating twist for cryptocurrency enthusiasts, Bitpanda GmbH, a trading platform backed by billionaire Peter Thiel is gearing up for a major transformation. According to a recent Bloomberg report, theyre eyeing a potential initial public offering (IPO) in Frankfurt, as revealed by insiders.
The Vienna-based company is currently collaborating with heavyweights Citigroup Inc. and JPMorgan Chase & Co., and could also consider selling itself. This move could see Bitpanda valued at a staggering $4 billion or more. While discussions are going on, no final decisions have been made yet, and theres always the chance the company could hold off on any transaction.
Cryptocurrencies have rallied this year after US regulators approved spot Bitcoin exchange-traded funds, making digital-asset companies more appealing to potential investors. Additionally, the prospect of a pro-crypto Republican candidate, Donald Trump, gaining traction in the upcoming US presidential election has further fueled market optimism.
Bitpanda has established itself as a go-to platform for retail trading in crypto, equity derivatives, and commodities. It attracted significant attention when it was valued at $4.1 billion in August 2021, following a hefty $263 million funding round that included investments from Thiels Valar Ventures and billionaire financier Alan Howard.
Going ahead, Bitpanda is already projecting a record profit in 2024, with over 100 million ($108 million) in revenue reported for just the Q1 of this year. After navigating losses exceeding 130 million in 2022, they managed to secure a 13.6 million pre-tax profit last year. The company is also enhancing its services; recently announcing the provision of Deutsche Bank IBANs for clients in Germany to streamline real-time transfers to and from their brokerage accounts.
With an exciting future on the horizon, all eyes will be on Bitpanda as they explore their next big move in the ever-evolving crypto landscape!
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Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
