Circle, Ripple, Standard Chartered’s investment arm SC Ventures, and London-based hedge fund Qube Research & Technologies have invested fresh capital in crypto exchange OKX at a $25 billion valuation, Bloomberg reported Tuesday.
Bloomberg said the new money was added to a round OKX had raised earlier this year.
On March 5, Intercontinental Exchange, the parent company of the New York Stock Exchange, announced a strategic investment in OKX at the same $25 billion valuation. ICE did not disclose the terms. Bloomberg estimated the investment at roughly $200 million, and ICE said in its release that it would receive a seat on OKX’s board.
Tokenized U.S. stocks are part of the backdrop
The new financing arrives as OKX and ICE prepare to trade tokenized U.S. equities through OKXICE, the 50-50 joint venture they announced in June.
In a notice dated Oct. 4, OKXICE listed 63 stock tokens it intends to offer, including Tesla, Microsoft, and JPMorgan. The products are set to be offered under the innovation exemption the U.S. Securities and Exchange Commission granted on Sept. 17, allowing onchain trading of tokenized stocks for five years.
The notice said the tokens would trade around the clock against one of three stablecoins, including Circle’s USDC. It did not include a launch date.
Who joined the round
Bloomberg said the financing brought in existing OKX partners alongside QRT.
OKX named Standard Chartered as a third-party custodian for its institutional business in October 2024.
QRT became independent from Credit Suisse in 2018. Bloomberg reported that the quantitative trading firm runs a crypto fund called Moebius, with roughly $1 billion in assets under management as of 2025, and has invested in algorithmic trading software maker Tread.fi.
“QRT’s investment reflects our confidence in OKX and the long-term growth of digital assets and 24/7 markets,” Thomas Eaton, QRT’s quantitative trading director, said in a statement.
For OKX, the raise is focused on strengthening the exchange’s long-term market infrastructure, OKX global managing partner Haider Rafique said in an emailed statement to Bloomberg.