Thiel-Backed Crypto Platform Bitpanda Is Said to Explore Options

Bitpanda GmbH, a cryptocurrency trading platform backed by billionaire Peter Thiel, is exploring options including a potential initial public offering in Frankfurt, according to people familiar with the matter.

The Vienna-based company is working with Citigroup Inc. and JPMorgan Chase & Co. and could also consider selling itself, the people said. Any deal could value Bitpanda at $4 billion or more, one of the people said, asking not to be identified as the information is private.

Should Bitpanda decide to proceed with a deal, it’s likely to happen next year, according to the people. Deliberations are ongoing and ...