Coinbase vs Binance vs Kraken vs OKX: How to Judge Any Exchange

On July 9, 2026, Binance CEO Richard Teng stood on stage at the Reuters NEXT Asia event in Singapore and admitted something unusual for the head of the world’s largest crypto exchange by trading volume: his company had just lost the European Union. Eight days earlier, the transition period under the EU’s Markets in Crypto-Assets Regulation, known as MiCA, had ended, and Binance was still holding an unresolved application rather than a license. Teng told the audience that roughly 70 percent of the users who moved funds off Binance around the deadline sent them to self-hosted wallets instead of to a MiCA-licensed competitor, a number that says as much about how confusing the transition has been as it does about Binance’s own predicament (CryptoTimes).

That single data point captures where Coinbase, Binance, Kraken, and OKX stand relative to one another in mid-2026. The four exchanges get lumped together in almost every headline, but they have drifted onto genuinely different paths: one is a NASDAQ-listed public company reporting quarterly to the SEC, one is a private giant now locked out of a regulatory bloc it spent a decade building inside, one is racing toward an IPO it has already paused once, and one rebuilt its entire US business from scratch after a $505 million settlement. This is a framework for judging any of them: how licensing actually works, what the fees really cost once volume discounts kick in, who holds the keys to the coins, and what each exchange’s legal history says about how it behaves under pressure. HOGE Wire tracked the licensing scramble itself in a separate 2026 comparison; this piece is the underlying playbook, using the four biggest exchanges as the working example.

Why This Comparison Matters Right Now

The immediate trigger is regulatory. MiCA created a single license, called a Crypto-Asset Service Provider or CASP authorization, that lets an exchange licensed in any one of the EU’s 27 member states serve customers across the entire bloc through passporting. The transition window for firms operating under older national registrations closed on July 1, 2026, with no extension; European regulators had signaled for months that the deadline was final. By the time it arrived, only a few hundred of the thousands of crypto firms that had been operating across Europe had actually secured full authorization.

Coinbase and OKX did not waste the opening. Both launched aggressive campaigns, including deposit bonuses and fee waivers, to capture users leaving Binance in the days around the deadline (CoinDesk). OKX Europe CEO Erald Ghoos put the shakeout in blunt terms, estimating that roughly 80 percent of crypto exchanges operating in Europe would not survive MiCA in its current form, because most smaller platforms never had the compliance budget to clear the bar (The Block). Millions of European users suddenly had to decide, within days, whether to move funds, and where.

That is the backdrop for everything below. This is not an academic exercise in reading terms of service; it is a live sorting process that is actively reshaping who controls the European crypto market, and a preview of the kind of regulatory divergence that could show up in the United States as the SEC’s own rulemaking agenda moves forward, a story HOGE Wire has covered separately in how SEC enforcement actually works.

How to Actually Compare Crypto Exchanges

Before profiling each exchange, it helps to fix the criteria, because marketing copy makes all four sound interchangeable. The differences that actually matter fall into a handful of buckets.

• Regulatory status: which licenses does the exchange actually hold, in which jurisdictions, and what does the license cover, custody, spot trading, or derivatives?
• Custody model: does the exchange publish proof of reserves, how much sits in cold storage, and is the hot wallet balance insured?
• Fee structure: the advertised headline rate rarely matches what a casual user pays on a basic buy and sell screen versus a professional order book interface.
• Liquidity and order book depth: thin books mean worse execution and more slippage on large orders, regardless of the fee schedule.
• Product breadth: spot only, or also derivatives, staking, an on-chain wallet, a proprietary blockchain?
• Incident history: nearly every major exchange has had a regulatory or security incident by now; what matters is how it was disclosed and resolved.

CoinGecko has tried to formalize a version of this with its Trust Score, which weighs liquidity, order book depth, and a regulatory sub-score rather than self-reported volume alone. Coinbase, Binance, Kraken, and OKX all currently sit at or near the top of that ranking, alongside Bitget, which is one reason a trust score alone does not settle the argument. The rest of this article works through each bucket for all four exchanges.

Coinbase: The Public Company Playing It Straight

Coinbase is the only one of the four whose stock anyone can look up on a ticker. It went public via a direct listing on NASDAQ under COIN in April 2021, and on May 19, 2025 it became the first crypto-native company added to the S&P 500, a milestone that forces every large index fund in the country to hold a sliver of it whether the fund manager likes crypto or not.

That public status shapes everything else about how Coinbase operates. It reports quarterly earnings, and the numbers for the first quarter of 2026 were rough: revenue fell 31 percent year over year to $1.41 billion, and the company posted a net loss of $394.1 million as spot trading volume dropped 37 percent alongside a broader crypto price slide (Yahoo Finance). The bright spot was derivatives, where volume jumped 169 percent to $4.2 billion, and stablecoin-related revenue, which climbed to $305 million as USDC balances on the platform hit a record. Coinbase also posted an all-time-high 8.6 percent share of global spot and derivatives volume combined, meaning it gained ground even in a shrinking market. On the earnings call, CEO Brian Armstrong argued that customers stay through downturns because of the compliance work competitors treat as a burden: customers choose Coinbase, he said, because “we’re the most trusted, we’re the easiest to use, the most crypto stored.”

On licensing, Coinbase moved early. It secured a MiCA license from Luxembourg’s financial regulator, the CSSF, on June 20, 2025, becoming the first US-based exchange authorized under the new regime (Coinbase), and used that license as the base to migrate EU users across all 27 member states under the entity Coinbase Luxembourg S.A. On the product side, Coinbase spent 2025 and 2026 pushing into derivatives, partly through its acquisition of options and perpetual futures venue Deribit; that groundwork paid off when the CFTC cleared Coinbase in May 2026 to bring global-style perpetual futures onshore to US retail users for the first time through a domestic, regulated venue, with the product itself scheduled to launch later in July 2026. Coinbase’s other headline event of the past year, a costly insider-bribery data breach, gets its own section further down.

Binance: Still the Volume King, Now Locked Out of Europe

Binance is still the biggest exchange in the world by trading volume, and by a wide margin. It processed roughly $639.9 billion in spot volume in the first quarter of 2026 alone, more than the next several exchanges on CoinGecko’s ranking combined.

Scale has not translated into an easy regulatory relationship. Binance pleaded guilty in November 2023 to Bank Secrecy Act and sanctions violations and agreed to pay $4.3 billion to resolve the case, one of the largest corporate penalties in US history; founder Changpeng “CZ” Zhao personally pleaded guilty, paid a $50 million fine, and stepped down as CEO (Department of Justice). Richard Teng, previously Binance’s regional markets head and a former Abu Dhabi regulator, took over as CEO. Zhao received a presidential pardon in October 2025, though he remains barred from any operating role at Binance under the terms of the original settlement (CNBC).

Europe is Binance’s current headache. The company never secured a MiCA CASP license; it filed an application in Greece through a local subsidiary in January 2026, then withdrew it on June 24, 2026, citing months of engagement with no formal decision, just a week before the deadline made the license mandatory. From July 1, 2026, Binance can no longer onboard new EU customers or offer most services to existing ones. Teng insists the exit is temporary and tactical, writing in a July 6 op-ed that “if implementation becomes fragmented, unpredictable or inconsistent, Europe risks pushing users, companies, investment, jobs and tax revenue elsewhere” (GNCrypto News), and telling Reuters NEXT Asia on July 9 that Binance is in “close talk with regulators that invited us to apply” in jurisdictions he declined to name. In the US, the separately operated Binance.US entity, which carries no ownership link to CZ’s personal penalties, spent 2025 and 2026 rebuilding after years of constrained operations, restoring USD bank transfers and expanding past 190 supported tokens, though it still offers spot trading only, with no margin, options, or perpetual futures.

Kraken: The Operator Chasing an IPO

Kraken is the oldest of the four, founded in San Francisco in 2011, which in crypto terms makes it practically an elder institution; it survived the Mt. Gox-era chaos that killed most of its early contemporaries. It is currently led by two co-CEOs, David Ripley, who became sole CEO in 2023 when co-founder Jesse Powell moved to chairman, and Arjun Sethi, a venture investor who joined the board in 2021 and was elevated to co-CEO in October 2024 to help steer the company toward a public listing.

On regulation, Kraken’s European entity, Payward Europe Solutions Limited, received a MiCA CASP license from the Central Bank of Ireland on June 25, 2025, one of the earliest majors to clear the bar (Kraken). Its US regulatory history is more mixed: the SEC forced Kraken to pay $30 million and shut its US staking-as-a-service product in February 2023, then sued it that November for allegedly operating as an unregistered exchange, broker, and clearing agency. That broader suit was dismissed with prejudice in March 2025, with no penalty and no admission of wrongdoing (SEC), part of the wider retreat in US crypto enforcement that played out across the industry that year.

Kraken’s biggest recent move was commercial rather than regulatory: a $1.5 billion acquisition of NinjaTrader, a CFTC-licensed futures platform with roughly 2 million customers, announced in March 2025 and completed two months later (CoinDesk). That deal gave Kraken a path into US-regulated crypto derivatives, which it began rolling out state by state in mid-2025, with commodity, FX, and equity futures on the roadmap.

Kraken has also been trying, on and off, to go public. It confidentially filed a draft S-1 with the SEC in November 2025 with a roughly $20 billion valuation in mind, then paused the process in March 2026, citing difficult market conditions. Co-CEO Arjun Sethi revived the conversation in May 2026 at Consensus Miami, saying the company was “80 percent ready” to go public even as its private valuation had reportedly slipped to around $13.3 billion (Yahoo Finance). Whether Kraken lists in the second half of 2026 or slides into 2027, as some reports now suggest, is one of the more interesting open questions in the sector, since it would be the first of these four exchanges to give retail investors a way to own equity in the business rather than just trade on it.

OKX: The Derivatives Powerhouse Rebuilding in the US

OKX has the most complicated recent history of the four, and arguably the fastest turnaround story too. Its parent, Aux Cayes FinTech, pleaded guilty in February 2025 to operating an unlicensed money-transmitting business in the United States between 2018 and early 2024, agreeing to an $84 million penalty plus forfeiture of $421 million in fees earned from US customers, for a combined $505 million settlement (The Block). Two months later, in April 2025, OKX relaunched its US business entirely, relocating its American headquarters to San Jose and rolling out a phased, compliance-first re-entry under a new entity registered with FinCEN.

In Europe, OKX moved fast in the other direction, securing a MiCA CASP license from Malta’s Malta Financial Services Authority on January 27, 2025, among the earliest of any major exchange. That speed drew its own scrutiny: Malta’s financial intelligence unit fined an OKX-linked entity, Okcoin Europe, 1.2 million euros in April 2025 over 2023 anti-money-laundering lapses, and ESMA’s own peer review of Malta’s licensing process, published in July 2025, found the MFSA had only “partially met expectations” in at least one major CASP authorization widely believed in the market to reference OKX, though ESMA did not name the firm (CoinDesk). Whatever the regulatory friction, OKX Europe CEO Erald Ghoos has been one of the more vocal executives in the industry about the deadline’s aftermath, and OKX has run some of the most aggressive welcome campaigns for users leaving Binance.

On products, OKX has leaned hardest into building its own chain among the four: X Layer, an Ethereum layer 2 built on Polygon’s technology, uses OKX’s native token OKB as its sole gas token. OKX permanently capped OKB’s supply at 21 million, deliberately echoing Bitcoin, after burning more than 65 million tokens in August 2025; the token’s price roughly tripled around the announcement (CoinDesk), though OKB’s market capitalization of roughly 1.6 billion dollars remains a fraction of Binance’s BNB, which trades at a market capitalization in the tens of billions.

Regulatory Status Compared: MiCA, the SEC, and Beyond

Cutting through the noise, here is where each exchange actually stood as of early July 2026.

The European side of that table shows a single harmonized rulebook working roughly as designed: get one license, serve 27 countries. Only a few hundred firms had cleared full CASP authorization by mid-2026, out of thousands of crypto businesses that had been operating in the bloc under older, patchwork national registrations, which explains why Coinbase, Kraken, and OKX are actively campaigning for Binance’s former users rather than quietly enjoying the tailwind.

The US side is messier, and it currently favors Binance and Kraken more than the headlines suggest. Both had open SEC cases as recently as 2023; both saw those cases dropped in 2025 as the agency’s posture shifted after a change in leadership. That does not mean US oversight vanished. Derivatives products still need CFTC clearance, as Coinbase and Kraken both discovered while building out futures businesses, and money-transmission law still applies regardless of what the SEC decides, as OKX’s $505 million settlement demonstrates. What has gone quiet, for now, is the specific fight over whether spot crypto trading itself requires SEC registration.

Fees and Costs: What You Actually Pay

Every one of these exchanges effectively runs two fee schedules, and the gap between them is where most retail users lose money without noticing. The professional order-book interface, Coinbase Advanced Trade, Kraken Pro, Binance’s standard trading view, OKX’s trading terminal, charges the rates in the table above, and those rates fall further as 30-day trailing volume rises; Kraken, for instance, cuts its maker fee toward zero at its highest volume tier. The simplified buy button on each exchange’s flagship mobile app, the one most new users touch first, is priced completely differently, usually as a wider bid-ask spread plus a flat or percentage convenience fee that can push the effective cost well past 1 percent of the trade, several multiples of the order-book rate.

Native tokens complicate the comparison further. Binance and OKX both offer an extra discount for paying fees in their own token, BNB or OKB, which is a real discount but also a reason to hold a token whose price is tied to the exchange’s own commercial success. Coinbase and Kraken have no equivalent mechanism; Coinbase instead bundles active traders into Coinbase One, a flat monthly subscription that waives fees up to a volume cap, functioning like a token discount without the token.

The honest summary: for a small, occasional trade on a mobile app, all four are within a rounding error of each other, and none of them are cheap. For anyone trading meaningful size regularly, the gap between OKX or Binance’s roughly 0.08 to 0.10 percent base rate and Coinbase Advanced Trade’s 0.40 to 0.60 percent base rate is real money, and it is worth the ten minutes it takes to switch from the default consumer app to each platform’s professional interface.

Liquidity and Market Share

Trading volume and trustworthiness turn out to be two different rankings, which is itself useful information. By raw spot trading volume in the first quarter of 2026, Binance led with roughly $639.9 billion, followed by Gate and Bybit, with Coinbase around fourth at roughly $167.7 billion and OKX close behind at roughly $162.7 billion; Kraken does not crack the top five or even the top ten by volume. Yet on CoinGecko’s Trust Score, which weights order book depth, verified liquidity, and a regulatory sub-score rather than headline volume alone, the order flips: Coinbase ranks first, Binance second, Kraken third, ahead of OKX in fifth. Binance wins on scale, Coinbase wins on the market’s assessment of reliability, and Kraken punches above its volume weight on trust despite modest headline liquidity, largely on the strength of a long operating history without a major exchange-level security failure.

Derivatives, not spot trading, is where most of the money actually moves. Across the market, derivatives accounted for roughly 73 percent of total crypto trading volume in the first quarter of 2026, a ratio of nearly 9.6 to 1 against spot volume, reflecting how much of the market is now professional traders hedging or taking leveraged directional bets rather than people buying coins to hold. Binance and OKX have historically traded places for the derivatives volume lead; Coinbase and Kraken only built serious derivatives businesses in the past two years, through the Deribit and NinjaTrader acquisitions respectively, specifically to stop ceding that share to the other two.

Beyond Spot: Derivatives, Staking, and On-Chain Ecosystems

Spot trading is table stakes now; the more interesting competitive battle is in the products layered on top of it.

On derivatives, Coinbase only recently became a full participant for US users. Non-US institutions and eligible retail users already had access to more than 150 perpetual futures contracts through Coinbase International Exchange, but the CFTC clearance in May 2026 and the subsequent launch of onshore perpetual-style futures opened that style of product to Americans for the first time through a fully domestic, regulated venue, built substantially on infrastructure Coinbase acquired along with Deribit. Binance remains the global derivatives leader by volume with no equivalent US product, since Binance.US restricts itself to spot trading only. Kraken took the acquisition route too, buying NinjaTrader specifically to get a CFTC-licensed derivatives rail, and has been adding state coverage since mid-2025. OKX competes globally on derivatives depth from Malta and its other licensed hubs, and has at times posted higher monthly derivatives volume than Binance itself.

Staking is offered by all four, with the real differences mostly in breadth rather than headline yield: Binance advertises the widest menu of supported assets; Kraken and OKX offer competitive rates on major proof-of-stake assets like Ethereum and Solana; Coinbase leans on simplicity and regulatory comfort after its 2025 settlements with the SEC cleared the legal fog around staking classification. One rule worth repeating for any exchange: the advertised maximum yield almost always applies to a thinly traded token, not to ETH or SOL, and commissions taken before payout can eat a large share of the advertised number, so net yield is what matters, not the marketing figure.

Three of the four have also built a blockchain of their own to keep transaction activity in-house: Coinbase launched Base, an Ethereum layer 2 built with Optimism’s OP Stack, in August 2023; Binance has run BNB Chain since 2019, by far the most established of the three; and OKX launched X Layer, built on Polygon’s technology, in 2024, later repositioning it toward DeFi, payments, and real-world assets. Kraken is the odd one out with no live chain of its own, though it has reportedly explored building one.

Custody and Security: Where Your Keys Actually Live

For most users, the single most important question is the most basic one: who actually controls the private keys, and what happens if the exchange itself is compromised. HOGE Wire has covered the custody question across the wider industry in Crypto Custody Compared; the short version for these four exchanges is that all are custodial by default, meaning the exchange, not the user, holds the keys, and all claim to keep the large majority of customer assets in offline cold storage.

Coinbase discloses that it keeps roughly 98 percent of customer crypto assets in geographically distributed cold storage, with under 2 percent in hot wallets covered by a commercial crime insurance policy; as a public company it backs those claims with SEC filings and audit reports rather than just a blog post. Binance and OKX both publish cryptographic proof-of-reserves programs, Binance using a zk-SNARK and Merkle-tree structure, OKX a zk-STARK equivalent updated monthly, that let users independently verify the exchange holds at least as much of an asset as customer balances imply, though these systems prove reserves exist at a single point in time and say nothing about liabilities unless paired with a separate independent audit. Kraken uses a Merkle-tree proof-of-reserves system paired with third-party review, and leans on that record, plus a clean history free of any external hack since its 2011 founding, as part of its pitch to institutional clients evaluating the platform ahead of a possible IPO.

None of this substitutes for genuine independent security auditing of exchange infrastructure and smart contracts, a separate discipline from proof-of-reserves accounting; HOGE Wire’s audit firm reviews piece covers who actually does that work across the industry and how much confidence it deserves.

Security Incidents and Legal History

Each of these four exchanges has had at least one incident serious enough to become a defining part of its public reputation, and the nature of each incident says something different about how the company operates.

Binance’s is the biggest in dollar terms: the $4.3 billion DOJ settlement and CZ’s guilty plea in November 2023, covered above, remains the largest set of penalties any crypto exchange has paid to US authorities, and the company still operates under an independent compliance monitor as part of that agreement. OKX’s parent, Aux Cayes FinTech, paid $505 million in February 2025 for letting US customers trade on its global platform for years despite an official ban on US users dating to 2017, with prosecutors specifically noting the case involved no allegation of customer harm, only unlicensed operation.

Coinbase’s defining incident did not involve a hack of its core systems at all. In 2025, attackers bribed contractors, some working through outsourced customer-support vendors in India, to leak sensitive account data, then demanded a $20 million ransom Coinbase refused to pay. The company estimated total remediation and customer-reimbursement costs at $180 million to $400 million and recognized $355 million in incident costs across two quarters; a former support agent was arrested in India in December 2025 in connection with the breach (Bloomberg), and Armstrong has repeatedly stressed a zero-tolerance policy toward any employee or contractor found complicit.

Kraken’s low point was smaller in dollar terms but strange in a different way. In June 2024, a bug bounty submission alerted Kraken to a flaw that let a user artificially inflate an account balance; Kraken says it patched the bug within 47 minutes, but by then the researchers who found it, later identified as affiliated with security firm CertiK, had already drained nearly $3 million from Kraken’s own treasury and, according to Kraken, refused to return it without first being told the bounty payout amount, which the company characterized as extortion rather than responsible disclosure. Kraken eventually recovered the funds and involved law enforcement. The episode is a useful reminder that bug bounty programs, which HOGE Wire examined in Crypto Bug Bounty Payouts, only work when both sides follow the disclosure process in good faith; once a researcher exploits a live vulnerability instead of reporting it and waiting, the line between white hat and theft blurs fast, regardless of intent. None of the four has suffered a nine-figure external hack of the kind that has hit other major platforms in recent years, which is notable given how large a target each one represents.

Which Exchange Fits Which Trader

None of this adds up to a single best exchange, because the four are optimizing for different users. A US-based long-term holder who values SEC and CFTC oversight, and does not mind paying up for it, gets the clearest regulatory story from Coinbase, especially now that it has both a Luxembourg MiCA license for Europe and a domestic derivatives product coming online. A high-volume trader chasing the deepest order books and broadest token listings, who is not based in the EU, still gets more raw liquidity from Binance than anywhere else, MiCA lockout notwithstanding. Someone who cares most about an exchange’s long-run security track record and does not need EU access has reason to prefer Kraken, and possibly a reason to open an account before any eventual IPO just to watch the process up close. A derivatives-heavy trader who wants both a freshly rebuilt, compliance-first US entry point and a MiCA-licensed EU entity has good reason to look at OKX, keeping in mind that its Malta license is currently drawing the most regulatory attention from ESMA.

The one strategy that holds up regardless of which exchange wins the argument: do not treat any exchange balance as a permanent home for meaningful savings. Custodial accounts, even well-run ones, are one bribed contractor, one bug bounty gone wrong, or one withdrawn license away from becoming a headache, which is exactly why proof of reserves, insurance policies, and self-custody options exist as a second line of defense.

What to Watch for the Rest of 2026

A few threads from this comparison are still unresolved, and each is worth checking back on before the end of 2026.

• Whether Kraken actually files a public S-1 and prices an IPO, or slides the process into 2027, will be the clearest signal yet of how public markets price a crypto exchange after Coinbase set the initial template in 2021.
• Whether Binance finds a new EU jurisdiction willing to grant it a CASP license, something Richard Teng says is already in progress with unnamed regulators, or spends the rest of the year locked out while its rivals consolidate the European users it left behind.
• Whether OKX’s Malta license survives the scrutiny ESMA has directed at the MFSA’s approval process intact, or gets forced into additional supervision or a slower relicensing elsewhere.
• Whether Coinbase’s July 2026 launch of US perpetual-style futures can pull meaningful volume away from the offshore venues professional traders currently use.

Underneath all four storylines is a broader pattern: Europe has picked one harmonized rulebook and is now enforcing it strictly, while the United States is still assembling its equivalent unevenly, case by case, through a mix of dropped lawsuits, CFTC product approvals, and rulemaking that has not yet reached a final vote. Exchanges built to operate everywhere are increasingly having to choose, market by market, exactly how much compliance they are willing to build before they are allowed to compete.

Frequently Asked Questions

Which exchange, Coinbase, Binance, Kraken, or OKX, is the safest for holding crypto?

No exchange is completely risk free, but the four differ in what kind of risk they carry. Coinbase discloses roughly 98 percent cold storage and backs its claims with SEC filings and insurance as a public company. Kraken has the longest operating history without a major external hack. Binance and OKX both publish cryptographic proof-of-reserves systems that let users independently verify holdings. All four remain custodial, meaning the exchange holds the private keys rather than the user, which is the biggest risk factor regardless of platform.

Can I still use Binance if I live in the European Union?

Existing Binance customers in the EU can generally still withdraw funds, but new onboarding and most active services stopped on July 1, 2026, after Binance withdrew its MiCA license application in Greece just days earlier. CEO Richard Teng has said Binance is talking to regulators in other EU jurisdictions, but as of mid-2026 it has no confirmed path back into the bloc. Departing users have moved mostly to self-hosted wallets, with a smaller share moving to MiCA-licensed competitors like Coinbase, Kraken, and OKX.

Which exchange has the lowest trading fees?

On the base tier professional order book, OKX and Binance are typically the cheapest, with maker and taker fees around 0.08 to 0.10 percent before any volume or native token discount. Kraken Pro and Coinbase Advanced Trade start higher. The simplified mobile buy and sell screens on all four platforms cost meaningfully more than their professional interfaces, so the real answer depends on which interface and volume tier a person actually uses.

Is Coinbase safer than Binance because it is a US public company?

Public company status gives Coinbase reporting obligations, SEC oversight of its disclosures, and audited financials that privately held Binance does not carry in the same form, which is a genuine transparency advantage. It does not automatically mean better security. Coinbase’s own 2025 insider-bribery data breach cost an estimated $180 million to $400 million, showing public status protects against disclosure and financial risk but not against social engineering or insider threats.

Is Kraken going public, and when might that happen?

Kraken confidentially filed a draft registration statement with the SEC in November 2025, aiming for a possible listing in the second half of 2026. It paused the process in March 2026 citing difficult market conditions, then revived the conversation in May 2026 when co-CEO Arjun Sethi said the company was about 80 percent ready to go public. No public S-1 or firm listing date had been set as of July 2026, and some reports suggest the process could slip into 2027.

Written by the HOGE Wire markets desk.