Bitpanda is preparing for another leadership transition less than a year after Lukas Enzersdorfer-Konrad assumed the role of sole CEO. The Austrian crypto broker announced the change as it delays a potential initial public offering (IPO) originally targeted for 2026.
Co-Founder Christian Trummer Appointed Co-CEO
Effective immediately, co-founder and Chief Scientist Christian Trummer will serve as Co-CEO alongside Enzersdorfer-Konrad. According to the company, Trummer will add executive focus to Bitpanda’s multi-asset offering and infrastructure business for financial institutions during the transition period. The board has opened a succession process that covers both internal and external candidates.
Enzersdorfer-Konrad to Join Erste Group in 2026
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.
Short Tenure at the Helm
Enzersdorfer-Konrad joined Bitpanda in 2018 and was promoted to Deputy CEO in July 2022. He became Co-CEO in August 2025 and assumed the sole CEO position in November when co-founder Eric Demuth moved to the board as Executive Chairman.
IPO Plans on Hold Amid Market Conditions
The leadership change follows a shift in Bitpanda’s listing timetable. Reports in January indicated 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, though no final decision had been made.
The listing remains on the agenda but has been halted due to 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.”
Revenue Rises While EBITDA Falls Sharply
Bitpanda reported €371 million in adjusted revenue for 2025, representing a 16% increase year-over-year. However, adjusted EBITDA fell 75% to €13 million as the company increased spending on product development, regulatory expansion, and international growth.
Regulatory Fine for MiCAR Breaches
In August, Austria’s Financial Market Authority (FMA) 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. The regulator noted the violation did not involve custody, withdrawals, or restrictions on Bitpanda’s licence.
Succession Timeline Unclear
Bitpanda has not disclosed when it expects to name a permanent CEO, whether Trummer is being considered for the permanent role, or what position he would hold after Enzersdorfer-Konrad’s successor is appointed.
