Insiders Report: Billion Dollar Cryptocurrency Company Could Soon Be Sold or Go Public
There is exciting news in the cryptocurrency world as reports suggest that a billion-dollar cryptocurrency company may be on the verge of being sold or going public. Let’s delve into the details.
Bitpanda, a cryptocurrency exchange headquartered in Vienna and backed by billionaire investor Peter Thiel, is currently exploring strategic options for its future. The company is in discussions with major financial institutions, including Citigroup Inc. and JPMorgan Chase & Co., and is considering various possibilities, such as a sale or an initial public offering (IPO).
Sources, who wish to remain anonymous due to the confidential nature of the talks, have revealed that a potential deal could value Bitpanda at $4 billion or even higher. If a deal is reached, it is likely to take place next year. However, negotiations are still ongoing, and there is a possibility that Bitpanda may choose not to proceed with any deals.
The timing of Bitpanda’s potential sale or IPO comes amidst a resurgence in the cryptocurrency market. The recent approval of spot Bitcoin exchange-traded funds (ETFs) by U.S. regulators has sparked renewed interest in digital asset companies among investors. Additionally, optimism surrounding the upcoming U.S. presidential election and the potential victory of pro-crypto Republican candidate Donald Trump has further fueled market excitement.
Bitpanda, founded in 2014, offers a platform for individual trading in cryptocurrencies, equity derivatives, and commodities. The company’s previous valuation was $4.1 billion in August 2021 when it secured $263 million in funding from investors such as Thiel’s Valar Ventures, billionaire financier Alan Howard, and REDO Ventures.
This Austrian startup has demonstrated impressive financial performance this year. In May, Bitpanda announced a record profit forecast for 2024, with over €100 million ($108 million) in revenue generated in the first quarter alone. Furthermore, the company managed to offset losses of over €130 million in 2022 by achieving pre-tax profits of €13.6 million in 2023.
As always, please note that this article does not constitute investment advice. If you’re interested in investing in cryptocurrencies, you can register with Binance exchange using this link to avail a 20% commission discount.
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