Which CEX pursued IPO this week?

TLDR

Kraken confidentially filed for a US IPO this week, while Bitkub and Upbit signaled IPO plans via media reports.

1. Kraken: filed a confidential US IPO after a fresh $800 million raise, per a Reuters report via Yahoo Finance coverage.
2. Bitkub: weighing a Hong Kong IPO around $200 million, according to a Bloomberg report.
3. Upbit: positioning for a Nasdaq IPO path tied to a Naver merger plan, per a Cointelegraph report.

Deep Dive

1. Kraken US Filing

Kraken formally entered the US IPO pipeline with a confidential S-1 filing following an $800 million round that valued the company at about $20 billion. This keeps timing flexible while the SEC reviews the draft and market conditions evolve, which is standard for a confidential process. The move aligns with a broader reopening of US capital markets to crypto firms, but it is the only formal filing among CEXs this week per the Reuters item referenced above report.

2. Bitkub Eyes Hong Kong

Thailands Bitkub is considering a Hong Kong IPO, reportedly around $200 million, driven in part by weak domestic equity conditions and Hong Kongs push to be a regional digital assets hub. This is exploratory, not a filing, and would target next year if pursued, per the Bloomberg report.

3. Upbits Nasdaq Path

Upbits parent, Dunamu, is reported to be positioning for a Nasdaq IPO contingent on a merger with tech giant Naver, with board approvals expected around this week. The reporting frames a roadmap rather than a filing, tying the listing path to merger completion and regulatory clearance, per the Cointelegraph report.

Conclusion

Only Kraken took a concrete IPO step this week by filing confidentially in the US. Bitkub and Upbit are exploring paths, with Bitkub weighing Hong Kong and Upbits path linked to a Naver merger. The pattern suggests capital markets are reopening to crypto exchanges, but formal filings remain the key milestone to watch.