Circle, Ripple and Standard Chartered back OKX at unchanged $25 billion valuation
In brief
- OKX raised new funding at a $25 billion valuation, Bloomberg reported, as carried by Decrypt.
- Circle, Ripple, SC Ventures and new investor Qube Research & Technologies joined the round.
- OKX didn't disclose how much it raised.
- ICE, the NYSE owner, put around $200 million into OKX at the same valuation in March.
A flat round, seven months on
This round extends one that closed in March. In that deal, Intercontinental Exchange (the owner of the New York Stock Exchange) put around $200 million into OKX at the same $25 billion valuation, according to prior reporting cited by Decrypt, and the investment was framed around tokenized securities.
Seven months later, the price hasn't moved.
Haider Rafique, OKX's global managing partner, said in a statement reported by Decrypt that the money focuses on strengthening the exchange's long-term market infrastructure. QRT is new to OKX. The London firm (a Credit Suisse spinout) already runs a crypto fund holding about $1 billion, Decrypt reported.
Its investment reflects confidence in "the long-term growth of digital assets and 24/7 markets," said Thomas Eaton, a quantitative trading director at the firm.
OKXICE and tokenized stock
ICE and OKX have been building together since March. Their joint venture, OKXICE LLC, said on Monday it's seeking approval to sell tokenized stock in 63 U.S. public companies, including Nvidia, Apple and Coca-Cola.
The offering would run under the SEC's innovation exemption. Decrypt reported the exemption was introduced in September, days after the Clarity Act stalled in the Senate. According to the report, it lets qualifying venues trade tokenized U.S. equities on public blockchains without registering as national securities exchanges for up to five years. It only covers tokens that carry the same rights as ordinary shares (dividends and voting included), and synthetics that just track a price don't qualify.
The listing rules come with limits. The exemption caps how many stocks each venue can list and gives issuers 30 days to object to a third party tokenizing their shares. Decrypt's reading is that, on that timetable, Nvidia, Apple and Coca-Cola each hold a veto over whether their stock appears on the venue at all.
Equity exposure already on the books
Tokenized shares wouldn't be OKX's first step into equities. The exchange has also built that exposure by listing perpetual futures on Magnificent Seven stocks and the S&P 500, according to Decrypt.
For now, the valuation stays at $25 billion.
Frequently asked questions
Who invested in OKX's latest funding round?
According to a Bloomberg report carried by Decrypt, Circle Internet Group, Ripple and Standard Chartered's investment arm SC Ventures took part. Qube Research & Technologies, a London quant firm, joined as a new investor. OKX didn't say how much it raised.
What is the SEC innovation exemption OKXICE wants to use?
According to Decrypt, the exemption lets qualifying venues trade tokenized U.S. equities on public blockchains without registering as national securities exchanges for up to five years. It covers only tokens with the same rights as ordinary shares, including dividends and voting. Synthetic tokens that only track a price are excluded.
