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Centralized Exchanges Exploring IPO in 2026
Exchange Overview
OKX (International)
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Target Venue: Nasdaq / NYSE
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IPO Status: Evaluating
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30-Day Volume: $58.2 billion
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Clean Assets: $22.3 billion
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Open Interest: $7.74 billion
Kraken (United States)
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Target Venue: Nasdaq / NYSE
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IPO Status: Filed
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30-Day Volume: $31.8 billion
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Clean Assets: $21.5 billion
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Open Interest: $367 million
Upbit (South Korea)
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Target Venue: Nasdaq
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IPO Status: Reported
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30-Day Volume: $10.2 billion
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Clean Assets: N/A
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Open Interest: N/A
Bitpanda (Austria)
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Target Venue: Börse Frankfurt
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IPO Status: Evaluating
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30-Day Volume: Not disclosed
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Clean Assets: Not disclosed
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Open Interest: Not disclosed
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Model: Broker Model (exchange-level metrics not disclosed)
Key Metrics Definitions
| Metric | Description |
|---|---|
| Target Venue | Primary exchange where IPO is planned (Nasdaq, NYSE, etc.) |
| IPO Status | Current phase: Evaluating, Filed, or Reported |
| Volume (30D) | Total trading volume in the last 30 days |
| Clean Assets | Assets held in custody and available for operations |
| Open Interest | Total value of outstanding derivative positions |
Summary
Four major centralized cryptocurrency exchanges are actively exploring public listings in 2026:
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OKX leads in volume and clean assets but is still in evaluation phase
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Kraken has already filed with regulators and shows solid metrics
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Upbit has reported IPO plans with significant trading volume
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Bitpanda operates a broker model and targets European exchange listings
These moves signal increasing institutional acceptance and regulatory clarity in the crypto exchange sector.
Source: CryptoDiffer Analytics (23 December 2025)
