Bitpanda IPO: Price Range Set at €14 to €17, Implied €4.2 Billion Valuation
The Vienna-based crypto broker firms up its Frankfurt listing. The final price range sits at the low end of market expectations; bookbuilding runs through 3 June.
Vienna-based crypto broker Bitpanda announced the final price range for its Frankfurt listing on Tuesday, 26 May 2026. The shares are being offered in a range of EUR 14 to 17, corresponding at the top end to a market capitalisation of around EUR 4.2 billion. Bookbuilding runs from 28 May to 3 June, with the first day of trading set for Friday, 5 June. Joint bookrunners are Goldman Sachs, JPMorgan and Erste Group; Morgan Stanley acts as technical listing partner.
What the range signals
The range sits at the lower end of what analysts were pencilling in at EUR 16-20 in April. Bitpanda CEO Eric Demuth, on an investor call, attributed the cautious pricing to "the currently more selective retail sentiment" and the "still unfinished MiCA recalibration of comparable multiples". The valuation corridor implies a multiple of 5.8 to 7.1 times the 2025 reported net revenue of EUR 720 million — clearly below the multiple at which Coinbase traded after its 2021 direct listing, but in line with what European fintech listings have achieved since 2024. The gross issue volume is around EUR 480 million, of which EUR 280 million is a primary capital increase and EUR 200 million the secondary placement of existing shares. The greenshoe option is an additional 15%.
Who is selling and who is holding
On the seller side, prominently, sits Peter Thiel's Founders Fund, which is partially reducing the stake it acquired in 2021 — from around 12% to 7.5%. Austrian seed-stage investor Speedinvest is, according to the prospectus, fully retaining its stake and is subject to a 360-day lock-up. Founders Demuth and Paul Klanschek are not selling and are bound to the company through a 180-day lock-up. These insider lock-ups are seen in the industry as a positive signal, reducing the risk of immediate post-listing share-price pressure.
For retail investors across DACH, allocation is available through most domestic brokers, including Erste Group, BAWAG, Flatex, Trade Republic and Scalable Capital. Minimum allocations range from 50 to 100 shares depending on the broker; historical experience with European tech IPOs, however, shows that the actual allocation on oversubscribed deals often falls to 10-30% of the subscription. According to bookrunner data, Bitpanda was already twice oversubscribed in the first two bookbuilding days, making an allocation at the lower end of the range likely. Anyone expecting significant first-day price moves should price in the post-MiCA volatility framework — Coinbase traded as much as 50% above and below its reference price on day one in 2021, a range that should be narrower for Bitpanda but cannot be excluded. A fuller valuation analysis of the business model, the competitive position versus Bison and Trade Republic Crypto and the risks from MiCA regulation is set out in our Bitpanda IPO analysis 2026.