OKX has raised new money from Circle, Ripple and Standard Chartered’s venture arm at a $25 billion valuation, the same figure it was valued at in March.
The exchange has not disclosed how much it raised. Trading firm Qube Research & Technologies, which holds about $1 billion in crypto assets, also joined the round.
Who is backing it
The investor list is strategic. Circle and Ripple both issue stablecoins, and an exchange of OKX’s size is a major channel for them. Standard Chartered invested through SC Ventures, its venture and innovation unit.
In March, Intercontinental Exchange, the owner of the New York Stock Exchange, put about $200 million into OKX at the same $25 billion valuation.
Haider Rafique, OKX’s global managing partner, said the money “focuses on strengthening OKX’s long-term market infrastructure.” QRT’s Thomas Eaton pointed to the long-term growth of digital assets and round-the-clock markets.
The tokenised stock plan
The clearest use for that infrastructure is tokenised equities. OKXICE, the joint venture between OKX and ICE, is seeking SEC approval to offer tokenised shares in 63 US companies under the innovation exemption the SEC introduced in September.
That exemption allows on-chain trading of real US listed stocks, with full shareholder rights but tight caps on how much each venue can trade.
Why flat matters
A valuation that has not moved in six months, during a stretch when Bitcoin had its strongest quarter since 2024, is notable. It suggests investors are buying a strategic position in OKX rather than paying up for growth.
