NYSE’s Parent Company Invests in OKX: Amid a $25 Billion Valuation, the Era of Tokenized Securities Accelerates

By: Fortune

Translated by: TechFlow

TechFlow Intro: The pinnacle of traditional financial infrastructure has officially entered the crypto space. Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has invested in OKX at a $25 billion valuation and will grant OKX users access to NYSE-listed tokenized stock trading—not merely a routine financial investment, but the most emblematic step yet toward the convergence of TradFi and CeFi.

Last summer, Haider Rafique, OKX’s Global Head of Corporate Affairs, flew specially to Atlanta to meet Jeffrey Sprecher, Chairman of the New York Stock Exchange. A meeting scheduled for 30 minutes ultimately lasted four hours.

Fast-forward several months: that informal conversation evolved into a series of meetings and intensive due diligence—culminating in a landmark deal. Intercontinental Exchange (ICE), the publicly listed parent company of the NYSE, has completed a strategic investment in OKX, valuing the exchange at $25 billion. ICE will also secure a seat on OKX’s Board of Directors. The two parties formally announced the deal this Thursday.

Rafique declined to disclose the specific investment amount or terms but emphasized strong alignment in vision between the two parties.

“Our worldview, our outlook on the future of tokenized securities, how derivatives will expand onto the global stage, and how traditional finance and digital assets can converge—there was exceptional chemistry,” Rafique said, describing his first meeting with NYSE Chairman Jeffrey Sprecher.

This deal is far more than a simple financial investment. OKX will provide ICE with real-time cryptocurrency price data feeds from its platform; more significantly, OKX users will be able to directly trade tokenized stocks and derivatives listed on the New York Stock Exchange—a feature expected to launch in the second half of 2026. “Tokenization” refers to packaging financial assets into blockchain-based wrappers—a process proponents believe can reduce costs such as transaction fees. “This is absolutely not a superficial investment,” Rafique stressed.

A New Competitive Landscape

ICE’s investment in OKX marks a major step for the exchange giant to keep pace with rapidly evolving trading models—but it is not its first.

In November last year, ICE announced a $2 billion investment in prediction market platform Polymarket, which carried a $9 billion valuation. In January this year, ICE revealed it is developing its own blockchain-based infrastructure for tokenized securities trading.

Traditional financial institutions betting on crypto firms is not unique to ICE. In November last year, market maker Citadel Securities invested $200 million in crypto exchange Kraken at a $20 billion valuation.

“ICE’s future competitors may no longer be traditional institutions like CME or Nasdaq, but rather DeFi protocols or super apps,” admitted Michael Blaugrund, ICE’s Vice President of Strategic Initiatives—pointing explicitly to Robinhood and Uniswap, the DeFi platform that recently announced a partnership with BlackRock.

In the interview, Blaugrund declined to elaborate on specific technical details regarding ICE’s blockchain-based trading platform. He stated that ICE’s in-house tokenized platform and its plan to enable OKX users to trade tokenized stocks are “complementary initiatives—but not the same project.”

OKX’s U.S. Strategy

For OKX, the partnership with ICE represents a pivotal step in reshaping its image—from an offshore exchange headquartered in East Asia to a globally recognized trading hub operating fully in compliance with U.S. regulations. This goal has grown especially urgent amid ongoing regulatory challenges facing competitor Binance.

“We’re among the clear-headed players in this industry,” Rafique characterized OKX.

In February 2025, OKX paid a $500 million fine to the U.S. Department of Justice for operating an unlicensed money transmission business and pleaded guilty to one related charge. In April 2025, OKX successfully relaunched operations in the United States. Rafique stated that OKX plans to relocate up to 2,000 of its 5,000 employees to the U.S., though he did not specify a timeline. “Especially to support this product, we will make significant investments in the U.S.,” he said, referring specifically to the tokenized stock trading initiative and other ICE-related asset offerings.

Rafique also expressed broader aspirations for the partnership. “We’re a three-letter company, and they’re a three-letter company,” he said. “My hope is that perhaps we can build something even more substantial together.”