OKX closes new funding round at $25 billion valuation
VC & Fundraising ·
Circle, Ripple, Standard Chartered's SC Ventures, and QRT back the exchange as it extends an earlier 2025 raise.
OKX has wrapped up a fresh capital raise that pegs the exchange at a $25 billion valuation, with backing from stablecoin issuer Circle, payments firm Ripple, Standard Chartered's venture arm SC Ventures, and London-based quantitative fund QRT, according to wublockchain.xyz. The size of the check was not made public.
This financing extends a round first closed in March, when Intercontinental Exchange, the owner of the New York Stock Exchange, put roughly $200 million into OKX at that same $25 billion mark. OKX said the newly raised capital will go toward reinforcing its long-term trading and market infrastructure rather than funding a specific product launch.
The raise lands alongside a separate regulatory move: OKX has submitted a filing with the U.S. Securities and Exchange Commission to stand up a tokenized stock trading venue. The effort runs through OKXICE LLC, a joint venture between OKX and Intercontinental Exchange, which is seeking to offer tokenized versions of 63 companies currently listed on the NYSE. Under the plan, affected issuers would have a 30-day window to opt out before trading begins. The filing follows a recent SEC move to open a temporary exemption pathway for blockchain-based securities, provided those tokens carry full shareholder rights such as dividends and voting power.
Because the opt-out period has not yet run and other conditions remain outstanding, there is no confirmed date for when tokenized trading on OKXICE would actually go live.
The funding news arrives in a broader week of crypto market-structure developments, including the CFTC's first round of proposed federal rules covering crypto asset transactions and trading platforms, and a parallel push by Ondo to launch round-the-clock pre-IPO trading for investors outside the United States — signs that institutional-grade infrastructure and tokenized real-world assets are advancing on multiple fronts at once.
What remains unclear is the exact amount OKX raised in this round, since only the valuation was disclosed, as well as how many of the 63 NYSE-listed issuers might choose to opt out of the tokenized offering before the window closes. Also unresolved is the timeline connecting OKX's capital raise to its SEC filing — whether the fresh funds are earmarked in any way for the tokenized equities build-out or are being directed solely at core exchange infrastructure, as OKX has stated.