Bitpanda Bets on Banks and Tokenization Ahead of IPO Plans

Bitpanda Enterprise is the Vienna-based crypto broker's clearest signal yet that its global ambitions run through the boardrooms of banks, not through app store downloads. While the retail side of the business keeps humming — 7.4 million registered users, €371 million in 2025 adjusted revenue — Bitpanda's leadership is betting that institutional partnerships are the faster path to new markets, especially where consumer crypto apps face stiff competition or regulatory fog.

The B2B Pivot Behind Bitpanda's Growth Story

Vishal Sacheendran, vice president of global markets strategy and operations, put it plainly: it's about footprint, not follower counts. In markets where global crypto exchanges already dominate — or where the retail opportunity is simply too thin — planting Bitpanda's flag through a banking partner makes more sense than going direct to consumers. "We don't want to compete with exchanges everywhere," he said. "There's a big segment of the market that still trusts banks."

That logic crystallized in early March when Bitpanda officially rolled out Bitpanda Enterprise, consolidating its previously scattered B2B work — formerly called Bitpanda Technology Solutions — into a single institutional platform. The offering bundles API-based investment infrastructure, institutional custody, trading liquidity and settlement tools, plus payment rails covering both crypto and stablecoins. Token infrastructure for stablecoin issuance and tokenized assets is also part of the package.

The template for this model already exists. Back in July, RAKBANK — one of the UAE's oldest lenders — launched crypto trading for its retail customers by plugging directly into Bitpanda's infrastructure rather than building anything in-house. Sacheendran described that deal as a proof of concept with compounding effects. Once a top-tier bank goes live with crypto services, competitors in the same market tend to pay attention. "When a top-tier bank starts offering it, the rest of the market takes notice," he said.

Is Bitpanda Planning a Frankfurt IPO?

What we know about the Frankfurt Stock Exchange listing

Yes, according to reports. Bitpanda is preparing for a potential IPO on the Frankfurt Stock Exchange as early as the first half of 2026, with a target valuation in the €4 billion to €5 billion range. The timing would slot Bitpanda alongside a wave of crypto companies — exchanges, infrastructure providers, custodians — that have either already gone public or are queuing up to do so.

The revenue backdrop supports the narrative. Adjusted revenue of €371 million ($430 million) for 2025 — up 16% versus the prior year — gives Bitpanda a credible growth story heading into public markets. The user base growth of 25%, landing at 7.4 million registered accounts, adds to that pitch. But the more interesting number for IPO investors is probably the institutional pipeline, not the retail headcount.

Call it pragmatic timing, call it opportunism — either way, Bitpanda is moving while the window is open. Crypto market conditions in early 2026 are favorable, regulatory clarity in Europe is firming up, and the company's decade-long investment in compliance is finally paying dividends in the form of deal flow.

When a top-tier bank starts offering it, the rest of the market takes notice.

MiCA Compliance as a Sales Tool

Bitpanda's regulatory record isn't just a compliance checkbox — it's a core part of the sales pitch to institutional partners. The company has been operating under the EU's MiCA framework, widely regarded as one of the most rigorous crypto regulatory regimes anywhere in the world, and that credibility translates in emerging markets where local regulators are still designing their rules.

In parts of Asia, Latin America and the Middle East, regulatory bodies want to develop their domestic crypto sectors but are cautious about who they let in. A firm that already clears MiCA's bar lands very differently than one that doesn't. That's the wedge Bitpanda is driving.

Asia-Pacific is the clearest illustration of the complexity. Sacheendran described the region as "very fragmented," with meaningfully different regulatory frameworks across Hong Kong, Singapore, Japan and South Korea. The plan there is deliberately cautious: enter small, gauge demand, and scale only where commercial and regulatory conditions actually line up. No land grabs.

What's Next for Bitpanda — Derivatives and Tokenization

Derivatives are on Sacheendran's radar, though he was careful to note how sharply rules differ by jurisdiction. Tokenization is the bigger medium-term theme — bonds, money market funds, real estate. The case for those assets on-chain is access and uptime: blockchain-native structures could enable around-the-clock trading and pull in investor segments that current market hours lock out.

One place Bitpanda is explicitly not going? Stablecoin issuance. "We don't build a stablecoin," Sacheendran said. The preference is infrastructure — giving other institutions the rails to issue their own stablecoins rather than competing in that product category directly. That's a genuinely smart call in a space where stablecoin regulatory requirements are only going to get more demanding.

The consumer app still matters — it's the foundation that funds the institutional buildout. But Bitpanda's ambitions are clearly aimed at a different table now. The question heading into the IPO is whether investors will price the company as a retail crypto broker or as a financial infrastructure provider. The valuation gap between those two stories is enormous.