Cryptocurrency exchange OKX announced on Tuesday that it has raised fresh capital at a $25 billion pre-money valuation. The extension round includes participation from stablecoin issuer Circle Internet Group, blockchain payments firm Ripple, Standard Chartered’s investment arm SC Ventures, and London-based quantitative investment manager Qube Research & Technologies.

The company did not disclose the size of the new investment. The transaction extends a March funding round in which Intercontinental Exchange, the parent of the New York Stock Exchange, invested approximately $200 million at the identical $25 billion valuation.

Strategic Partners Deepen Existing Ties

All four new investors already maintain commercial or infrastructure relationships with OKX. Circle’s USDC stablecoin is integrated across the exchange’s trading products, including recent expansions in spot, margin and futures markets. Ripple’s RLUSD stablecoin operates through OKX’s unified order book. Standard Chartered provides institutional custody services, including acting as custodian for BlackRock’s BUIDL tokenized U.S. Treasury fund within OKX’s collateral framework. Qube Research & Technologies serves as an institutional counterparty supplying liquidity and risk capacity.

OKX founder and CEO Star Xu described the capital as support for the firm’s evolution beyond its core exchange business.

Haider Rafique, OKX global managing partner, stated that the proceeds focus on strengthening the company’s long-term market infrastructure.

Expansion into Tokenized Assets and Consumer Finance

The funding arrives as OKX and Intercontinental Exchange advance plans for tokenized equity trading. Their joint venture, OKXICE LLC, has filed with the U.S. Securities and Exchange Commission seeking approval under the agency’s innovation exemption to offer tokenized shares of 63 U.S. public companies, including Nvidia, Apple and Coca-Cola. The exemption permits qualifying venues to trade tokenized equities that carry the same rights as ordinary shares for a limited period without full national securities exchange registration.

OKX has also launched OKX Money, a consumer-facing application targeting emerging markets. Users can convert more than 50 local currencies into dollar-backed stablecoins such as USDC, USDT and USDG, with features for savings, transfers and card payments. Eligible USDG balances can earn rewards of up to 10 percent APY.

Additional institutional work includes the use of BlackRock’s BUIDL fund as trading margin while the assets remain in custody at Standard Chartered, and ongoing collaboration with Standard Chartered and BlackRock on tokenized collateral infrastructure.

Investor Perspectives and Market Context

Circle co-founder and CEO Jeremy Allaire linked the investment to deeper USDC integration on the platform.

Alex Manson, CEO of SC Ventures, pointed to the importance of institutional-grade custody.

Jack McDonald, Ripple’s senior vice president of stablecoins, said scaled platforms such as OKX will play a role in the shift of stablecoins into global financial infrastructure. Thomas Eaton, quantitative trading director at Qube Research & Technologies, cited confidence in the long-term growth of digital assets and 24/7 markets. The firm already manages a crypto-focused fund holding about $1 billion.

OKX’s native token OKB rose following the announcement, climbing as much as double digits toward $142 before trading near $136, representing a gain of more than 6 percent on the day and over 13 percent over the prior week.

The capital raise occurs after a 2025 regulatory resolution in which an OKX operating entity pleaded guilty in the United States to operating an unlicensed money-transmitting business and agreed to pay more than $504 million in penalties and forfeiture. The firm continues to expand regulated product offerings and U.S. market presence, including the appointment of former New York Governor Andrew Cuomo to its board and as co-chair of the OKXICE joint venture.

The $25 billion valuation has remained unchanged across both the March Intercontinental Exchange investment and the latest extension, positioning the new shareholders within OKX’s existing network of infrastructure and institutional partners.