Bitaigen Research In this article we trace ICE’s full‑chain evolution from its early Bakkt platform to the recent capital injection into OKX, analyzing why a traditional financial heavyweight is re‑entering the crypto‑exchange arena after a decade and how OKX’s technical DNA and compliance strengths become pivotal levers. Understanding the strategic logic behind the move can help you keep pace with emerging industry trends.
In the just‑released announcement, the New York Stock Exchange’s parent company ICE invested in the crypto exchange OKX—run by a Chinese‑founder team—at an implied valuation of roughly USD 25 billion. The significance of this capital infusion goes far beyond the headline valuation; it signals that a traditional financial titan is entering the digital‑asset ecosystem with a fresh playbook and is targeting an industry pioneer that boasts deep on‑chain expertise.
ICE’s Evolution in Crypto
Back in 2018, ICE was among the first to launch a regulated crypto‑derivatives platform called Bakkt, aiming to give institutional investors a compliant and secure trading venue. The platform was overseen at the time by Kelly Loeffler, then‑CEO and spouse of ICE founder Jeffrey Sprecher. However, Bakkt fell short of market expectations, with a clear gap between the hype surrounding the project and its actual trading volume.
By 2025, as institutional capital continued to pour into crypto and regulatory clarity improved, ICE re‑examined its role in the space. Instead of building everything in‑house as before, the group shifted toward acquiring technology and market access through investments and partnerships. Notable moves included a stake in Polymarket to enter on‑chain prediction markets, and collaborations with Circle, Chainlink, and others to build the infrastructure needed for real‑world assets (RWA) on blockchain.
ICE views RWA as the cornerstone of the next‑generation capital market. Its flagship exchange, the NYSE, is feeling pressure from Nasdaq, which has been gaining market share in trading volume and tech‑company listings. In September 2023, Nasdaq filed a proposal with the U.S. Securities and Exchange Commission (SEC) to launch tokenised stocks and ETFs as part of a broader business transformation. Following that, ICE announced in January 2024 that it would develop a blockchain‑based tokenised securities platform, targeting 24/7 U.S. equity trading with T+0 (same‑day) settlement. The design calls for tokenised shares to retain the same dividend and governance rights as their traditional counterparts, while the settlement layer plans to partner with banks such as BNY Mellon and Citibank to introduce tokenised deposits—rather than relying on stablecoins.
OKX’s Strengths and Competitive Edge
In the United States, platforms like Coinbase and Kraken dominate thanks to their compliance focus, but on a global scale OKX commands roughly 120 million active users and brings a decade of experience across spot, derivatives, and on‑chain products. Compared with retail‑focused fintechs such as Robinhood, OKX offers a broader product suite and generally superior performance metrics.
A Forbes report noted that OKX’s Global Corporate Affairs Managing Partner Haider Rafique travelled to Atlanta last summer for a four‑hour deep‑dive meeting with ICE founder Jeffrey Sprecher. The discussion covered the future of tokenised securities, global derivatives rollout, and the convergence of traditional finance with digital assets, leading to strong alignment between the two parties. Sprecher publicly praised OKX’s ability to distribute to a massive retail base worldwide, stating that ICE intends to leverage this reach to accelerate the provision of on‑chain infrastructure and tokenised assets for U.S. investors.
Under the partnership framework, OKX will grant ICE real‑time crypto‑price feeds, enabling ICE to launch corresponding crypto‑futures products. Simultaneously, ICE will open a tokenisation channel for assets listed on the NYSE, allowing OKX users to trade tokenised stocks and related derivatives directly on the exchange—an offering slated for rollout in the second half of 2026. The two firms will also co‑develop clearing and risk‑management solutions, multi‑chain custody and wallet architectures, and structured‑connectivity tools that make it easier for institutions to participate in digital‑asset markets.
To support the collaboration, OKX is reportedly evaluating the relocation of up to 2,000 employees to the United States, although a concrete timeline has not yet been disclosed.
Investing in an Exchange Again: Why ICE Chose OKX
Public filings show that OKX has completed four financing rounds to date. The first three rounds—conducted before 2017—raised amounts ranging from a few million to tens of millions of USD, with valuations not publicly disclosed. In 2019, when OKX’s predecessor OKCoin’s parent OKC Holdings listed via a backdoor merger on the Hong Kong Stock Exchange, early investors exited at an implied valuation of roughly USD 200 million. Since then, as the business expanded and crypto assets entered the mainstream, OKX’s valuation has climbed to an estimated USD 25 billion.
The exact size of the latest financing round has not been disclosed, but Bloomberg, citing sources close to the deal, reported that ICE’s stake amounts to about USD 200 million. This injection reflects ICE’s commitment to a strategic pivot and underscores the broader industry trend toward maturity.
It is worth noting that this is not ICE’s first foray into crypto exchanges. Back in 2015, ICE made an early‑stage investment in Coinbase, acquiring roughly 1.4 % of the company. ICE fully exited after Coinbase’s 2021 IPO, marking a successful crypto‑asset investment. A decade later, ICE is back, this time backing an exchange—OKX—that aligns more closely with its RWA‑centric roadmap in terms of user base, product depth, and global footprint.
Among U.S.-listed crypto platforms, Coinbase carries a market cap of about USD 54 billion. While OKX’s global trading volume and user numbers are comparable to Coinbase’s, its valuation remains materially lower. Should OKX pursue a U.S. IPO or list tokenised assets on the NYSE, there could be considerable upside. Moreover, ICE’s equity stake and board representation would give it substantive influence over compliance, regulatory liaison, and business synergies.
Political and Regulatory Context
ICE founder Jeffrey Sprecher is a well‑known supporter of former President Donald Trump, having contributed several million dollars to political action committees during Trump’s campaign. His wife, former Senator Kelly Loeffler, now serves as the Administrator of the U.S. Small Business Administration (SBA) and is also regarded as a key figure in the Trump‑aligned network. These political connections are often interpreted as an additional layer of symbolic capital in the United States, where regulatory frameworks and the crypto sector intersect.
*Please note that cryptocurrency gains may be subject to taxation in many jurisdictions. Participants should consult local tax professionals to understand applicable reporting and tax obligations.*
Looking Ahead
For OKX, ICE’s equity participation supplies a powerful compliance endorsement and deep access to the U.S. financial system, helping to mitigate regulatory uncertainty as the exchange expands stateside. CEO Star acknowledged that the partnership marks a “clean‑slate” start in the U.S. market, with the team committing to constructive dialogue with regulators and to building infrastructure that meets the standards of the world’s most mature capital markets.
For ICE, the alliance with OKX accelerates its RWA and tokenised‑asset agenda and could position the group at the forefront of the next wave of financial competition.
The above provides a detailed analysis of why, ten years after its initial crypto push, ICE is re‑entering the exchange space and has selected OKX as its partner. Stay tuned to Bitaigen (比特根) for further coverage of this evolving story.
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
