Key Takeaways
- • Circle, Ripple, Standard Chartered's SC Ventures and quant hedge fund Qube Research & Technologies (QRT) have invested new money in crypto exchange OKX at a $25 billion valuation, according to Bloomberg, with the raise size undisclosed.
- • The new capital follows a round OKX raised earlier in 2026, when NYSE parent Intercontinental Exchange (ICE) made a strategic investment at the same $25 billion valuation; Bloomberg estimated ICE's check at roughly $200 million and ICE will receive a board seat.
- • OKX and ICE are preparing to trade tokenized U.S. equities through OKXICE, their 50-50 joint venture, with a notice listing 63 stock tokens including Tesla, Microsoft and JPMorgan under an SEC innovation exemption granted September 17.
- • QRT's crypto fund Moebius reportedly manages roughly $1 billion as of 2025, per Bloomberg.
Summary
Stablecoin issuer Circle, Ripple, Standard Chartered's investment arm SC Ventures and London-based hedge fund Qube Research & Technologies (QRT) have put new money into crypto exchange OKX at a $25 billion valuation, Bloomberg reported. OKX did not disclose the size of the raise, which comes as the exchange readies tokenized stock trading with NYSE owner Intercontinental Exchange (ICE).
The new money adds to a round OKX raised earlier this year. On March 5, ICE announced a strategic investment in the exchange at the same $25 billion valuation. ICE did not publish its terms, but Bloomberg put the check at roughly $200 million, and ICE's release said it would receive a seat on OKX's board. Bloomberg said the latest round also drew in existing OKX partners.
The capital arrives as OKX and ICE prepare to trade tokenized U.S. equities through OKXICE, the 50-50 joint venture they announced in June. An OKXICE notice dated October 4 lists 63 stock tokens, including Tesla, Microsoft and JPMorgan, that it intends to offer under the innovation exemption the SEC granted September 17, which allows onchain trading of tokenized stocks for five years. The tokens would trade around the clock against one of three stablecoins, one of them Circle's USDC. The notice does not give a launch date.
QRT became independent of Credit Suisse in 2018. Bloomberg reported that the quant firm runs a crypto fund called Moebius, with roughly $1 billion under management as of 2025, and has invested in algorithmic trading software maker Tread.fi. Thomas Eaton, QRT's quantitative trading director, said the investment "reflects our confidence in OKX and the long-term growth of digital assets and 24/7 markets." Haider Rafique, OKX's global managing partner, said in an emailed statement to Bloomberg that the raise "focuses on strengthening OKX's long-term market infrastructure." Standard Chartered was named a third-party custodian for OKX's institutional business in October 2024.
The new money adds to a round OKX raised earlier this year. On March 5, ICE announced a strategic investment in the exchange at the same $25 billion valuation. ICE did not publish its terms, but Bloomberg put the check at roughly $200 million, and ICE's release said it would receive a seat on OKX's board. Bloomberg said the latest round also drew in existing OKX partners.
The capital arrives as OKX and ICE prepare to trade tokenized U.S. equities through OKXICE, the 50-50 joint venture they announced in June. An OKXICE notice dated October 4 lists 63 stock tokens, including Tesla, Microsoft and JPMorgan, that it intends to offer under the innovation exemption the SEC granted September 17, which allows onchain trading of tokenized stocks for five years. The tokens would trade around the clock against one of three stablecoins, one of them Circle's USDC. The notice does not give a launch date.
QRT became independent of Credit Suisse in 2018. Bloomberg reported that the quant firm runs a crypto fund called Moebius, with roughly $1 billion under management as of 2025, and has invested in algorithmic trading software maker Tread.fi. Thomas Eaton, QRT's quantitative trading director, said the investment "reflects our confidence in OKX and the long-term growth of digital assets and 24/7 markets." Haider Rafique, OKX's global managing partner, said in an emailed statement to Bloomberg that the raise "focuses on strengthening OKX's long-term market infrastructure." Standard Chartered was named a third-party custodian for OKX's institutional business in October 2024.
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