Bitpanda CEO to Depart as Crypto Broker Delays Frankfurt IPO

Bitpanda is preparing for another change at the top less than a year after Lukas Enzersdorfer-Konrad became its sole CEO. The move comes as the crypto broker delays a potential initial public offering.

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Bitpanda said he will remain CEO until his departure with co-founder and Chief Scientist Christian Trummer becoming Co-CEO immediately.

According to the company, Trummer will add executive focus to the platform’s multi-asset offering and infrastructure business for financial institutions during the transition. The board has already opened a succession process covering internal and external candidates.

Enzersdorfer-Konrad intends to step down in the first quarter of 2027. He will join Austrian lender Erste Group early next year in a new group-wide asset-management and digital-investing role, Bloomberg reported.

A Short Tenure as CEO

Enzersdorfer-Konrad joined Bitpanda in 2018 and became Deputy CEO in July 2022. He was appointed Co-CEO in August 2025 and became sole CEO in November when co-founder Eric Demuth moved to the board as Executive Chairman.

His exit follows a change in Bitpanda’s listing timetable. Reports in January indicated that the company was preparing for a Frankfurt IPO in the first half of 2026 at a potential valuation of €4 billion to €5 billion.

Goldman Sachs, Citigroup and Deutsche Bank were reportedly selected to arrange the offering, although no final decision had been made.

The listing remains on the agenda but has been halted because of adverse market conditions, Enzersdorfer-Konrad told Bloomberg. “We are ready but we need to consider what the right market timing is and what’s best for the company,” he said.

EBITDA Falls as Spendings Rise

Bitpanda reported €371 million in adjusted revenue for 2025, up 16%. Adjusted EBITDA fell 75% to €13 million as the company increased spending on product development, regulatory expansion and international growth.

In August, Austria’s Financial Market Authority fined Bitpanda GmbH €70,000 for MiCAR disclosure and marketing breaches. The decision concerned a late crypto-asset white paper and marketing issued before the required disclosure; it did not involve custody, withdrawals or restrictions on Bitpanda’s licence.

Bitpanda has not disclosed when it expects to name a permanent CEO, whether Trummer is being considered for the role or what position he would hold after Enzersdorfer-Konrad’s successor is appointed.