Key Takeaways
- • OKX raised new funding at a flat $25 billion valuation from Circle Internet Group, Ripple, Standard Chartered's SC Ventures, and Qube Research & Technologies, with the specific investment amount undisclosed.
- • The funding round extends OKX's March financing, when Intercontinental Exchange (ICE) invested approximately $200 million at the same $25 billion valuation; the price holding flat across seven months signals market caution despite institutional backing.
- • OKX's joint venture with ICE, OKXICE LLC, is seeking regulatory approval to trade tokenized shares of 63 U.S. public companies—including Nvidia, Apple, and Coca-Cola—under the SEC's innovation exemption introduced in September.
- • QRT, a London-based quantitative hedge fund and Credit Suisse spinout managing approximately $1 billion in crypto assets, joined the cap table for the first time, signaling institutional confidence in long-term digital asset markets.
Summary
OKX, the major cryptocurrency exchange, has secured new institutional capital at a $25 billion valuation from a diverse consortium spanning financial infrastructure, traditional banking, and quantitative trading. The funding syndicate includes Circle Internet Group (a stablecoin issuer), Ripple (blockchain infrastructure), Standard Chartered's investment arm SC Ventures, and Qube Research & Technologies (QRT), a London-based quantitative hedge fund. The exchange did not disclose the round size.
This funding extends OKX's previous capital raise in March, when Intercontinental Exchange—owner of the New York Stock Exchange—invested approximately $200 million at an identical $25 billion valuation. The flat valuation across seven months, despite fresh institutional participation, underscores current market conditions and investor caution in the crypto exchange sector. Haider Rafique, OKX's global managing partner, characterized the capital as focused on "strengthening OKX's long-term market infrastructure."
QRT's participation marks its debut on OKX's cap table and reflects confidence in "the long-term growth of digital assets and 24/7 markets," according to Thomas Eaton, quantitative trading director at the firm. QRT, a spinout from Credit Suisse, currently manages approximately $1 billion in crypto fund assets. Operationally, OKX and ICE have deepened their partnership; their joint venture OKXICE LLC announced Monday it is pursuing SEC approval to offer tokenized equity in 63 U.S. public companies under the agency's innovation exemption framework. This exemption, introduced in September following stalled Congressional action on the Clarity Act, permits qualifying venues to trade tokenized U.S. equities on public blockchains for up to five years without registering as national securities exchanges, provided tokens carry identical rights to ordinary shares including dividends and voting rights.
This funding extends OKX's previous capital raise in March, when Intercontinental Exchange—owner of the New York Stock Exchange—invested approximately $200 million at an identical $25 billion valuation. The flat valuation across seven months, despite fresh institutional participation, underscores current market conditions and investor caution in the crypto exchange sector. Haider Rafique, OKX's global managing partner, characterized the capital as focused on "strengthening OKX's long-term market infrastructure."
QRT's participation marks its debut on OKX's cap table and reflects confidence in "the long-term growth of digital assets and 24/7 markets," according to Thomas Eaton, quantitative trading director at the firm. QRT, a spinout from Credit Suisse, currently manages approximately $1 billion in crypto fund assets. Operationally, OKX and ICE have deepened their partnership; their joint venture OKXICE LLC announced Monday it is pursuing SEC approval to offer tokenized equity in 63 U.S. public companies under the agency's innovation exemption framework. This exemption, introduced in September following stalled Congressional action on the Clarity Act, permits qualifying venues to trade tokenized U.S. equities on public blockchains for up to five years without registering as national securities exchanges, provided tokens carry identical rights to ordinary shares including dividends and voting rights.
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