Is OKX's $25 Billion Valuation Really Justified?

By: blockbeats|2026/03/05 23:00:01
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The parent company of the New York Stock Exchange, ICE (Intercontinental Exchange), has recently shown much greater interest in cryptocurrency than in previous years. First, it invested $2 billion in Polymarket, pushing the leading prediction market's valuation to $90 billion. It then quickly invested in the cryptocurrency exchange platform OKX, raising the valuation of this well-known platform in the Chinese-speaking region to around $25 billion.

OKX is about to be listed in the U.S., which is no longer news. ICE's investment, combined with the upcoming U.S. listing, as Fortune puts it, is transforming OKX from an East Asian offshore trading platform to a globally compliant hub operating in the United States.

In simple terms, the United States will be OKX's new home.

What's interesting about this is that the United States, a market that was virtually blank for the world's largest exchange platform, Binance, has now seen several giants gearing up to make a big impact.

Coinbase, the current leading U.S. exchange platform, with BlackRock's support, has a CEO who is tough enough to challenge the entire industry.

Kraken, the second oldest compliant trading platform, is rumored to be going public in the first quarter.

Upbit is also about to be listed in the U.S., with strong earning potential. After being robbed of $36 million, it could recover the amount in just two weeks.

Of course, there are also already listed but relatively low-profile platforms like Gemini, Bullish, and others, as well as the upcoming listing of OKX.

So, is a $25 billion valuation expensive?

Is OKX's 5 Billion Valuation Really Justified?

According to BlockBeats' analysis of exchange platforms in 2025, OKX's $25 billion valuation doesn't seem expensive.

Coinbase has a spot trading volume similar to OKX but almost no futures trading volume, with a market cap of $55 billion, double that of OKX.

Kraken is lagging behind OKX in both spot and futures trading volumes, with a $20 billion valuation, only 20% lower than OKX's valuation; while Upbit, despite being South Korea's largest, lacks USDT">a futures section, and its earning potential seems far less than OKX's. Upbit has a $10.7 billion valuation, making OKX's valuation more than double that of Upbit's.

Robinhood has 23 million users, but the disclosed Crypto section's trading volume for 2025 is only $82 billion, making it incomparable.

Apparently, looking at the data, 250 billion is underestimated, considering the publicly available user count. OKX is already the largest in terms of users, and this is basically without any U.S. users yet. Considering the user count of Coinbase and Kraken, OKX theoretically has tens of millions of new users to tap into.


This means that the U.S. stock market is about to welcome a user base that will be twice that of Coinbase, with an overall trading volume much larger than Coinbase, yet valued at only half of Coinbase's trading platform.

The listing time for OKX is currently unknown. Based on Polymarket, it seems unlikely to list this year. There have been some rumors suggesting that OKX's listing time might be in 2028, hopefully a year much more promising for cryptocurrency than the present.

The hopefulness depends on the narrative, which is also what ICE values in this investment. Reports indicate that this investment aims to drive the development of blockchain-based stock trading, in other words, stock tokenization.

OKX's founder and CEO, Star, shares the same sentiment. He mentioned that OKX plans to provide its global user base of over 1.2 billion with access to ICE's U.S. futures market and New York Stock Exchange (NYSE) tokenized stock market opportunities, exploring a path for the convergence of traditional financial markets and digital asset infrastructure within a compliant framework.

The integration of Tradfi and Crypto is no longer a question of possibility but rather a question of the extent of integration. There was once a platform that saw this trend a few years ago and envisioned that the ultimate competitor in the future must be Nasdaq. Thus, they aimed to create an on-chain Nasdaq, reaching a valuation of 32 billion USD. Unfortunately, they took a wrong step. Nevertheless, an on-chain Nasdaq is Crypto's inevitable path, and now it is a race to see who will secure the leading position in this new narrative.

OKX's growth journey certainly has had many twists and turns, but it remains a great story.

Still, he is a Chinese entrepreneur who has just turned 41 this year, founding the company in 2013, undergoing three rebranding efforts, expanding the business to be regulated by multiple countries, and having to pay a $500 million fine to the U.S. Department of Justice, ultimately culminating in a successful listing in the U.S.

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LALIGA Match Report: Vinícius scores as 10-man Real Madrid secure a 3-2 comeback victory in Madrid derby

In the early hours of March 23, 2026, Round 29 of LALIGA delivered a headline clash at the Santiago Bernabéu. Real Madrid hosted their local rivals, Atlético de Madrid, in a high-stakes encounter. Under referee José Munuera, the match unfolded at a fierce pace, packed with physical duels and momentum swings. After a five-goal thriller, Real Madrid held firm for a 3–2 home win, taking all three points. They remain second on 69 points, now four behind leaders Barcelona.

From a numbers standpoint, Real Madrid stayed composed under pressure, completing 526 passes with a 52.4% share of possession. Atlético struck first in the 33rd minute through Lookman. After the break, Real Madrid flipped the game: Vinícius converted a penalty to level, then Valverde fired them ahead. Molina pulled Atlético back on level terms, but Vinícius stepped up again in the 72nd minute to seal the win. Late drama followed as Valverde saw red, forcing Real Madrid to defend deep with ten men through the final stretch. Atlético's aggressive approach—12 fouls and 4 yellow cards—kept the pressure on, but they couldn’t stop the comeback.

WEEX Insights: As the official LALIGA partner in the Hong Kong and Taiwan regions, WEEX sees this win as a masterclass in control under pressure. Even after a red card and constant attacks, Real Madrid stayed sharp and executed with precision. That same discipline—staying calm in volatile moments and acting with clarity—reflects the core trading mindset WEEX stands for. LALIGA fan campaigns are coming soon—celebrate the game with WEEX.

About WEEX

Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era — delivering real-time AI news, empowering users with AI trading tools, and exploring innovative trade-to-earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.

Follow WEEX on social media

X: @WEEX_Official 

Instagram: @WEEX Exchange

 Tiktok: @weex_global 

Youtube: @WEEX_Official 

Discord: WEEX Community 

Telegram: WeexGlobalGroup

LALIGA Match Report: Araujo seals 1–0 win as Barça tighten grip on top spot

In the early hours of March 22 (Beijing Time), Barça edged Rayo Vallecano 1–0 at Camp Nou in a key Round 29 clash. The hard-earned win lifts Barça to 73 points, strengthening their hold on first place.

Barça controlled the game with 61% possession and a sharp 89% passing accuracy (460 passes). Rayo pushed back with intensity, earning 9 corners, but Barça's defense stayed solid. Yellow cards for Raphinha, Yamal, and Cubarsí highlighted the physical edge of the match. Second-half subs like Rashford and Olmo added fresh energy to help see out the result. Rayo remain 14th on 32 points.

WEEX Insights: As the Official LALIGA Partner in HK & TW, WEEX sees Barça’s 89% passing accuracy as a clear example of high execution with minimal error. Staying precise under pressure and finding the breakthrough reflects the same disciplined approach used in rational trading.

LALIGA interactive campaigns are coming soon—stay tuned with WEEX ⚽️

About WEEX

Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era — delivering real-time AI news, empowering users with AI trading tools, and exploring innovative trade-to-earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.

Follow WEEX on social media

X: @WEEX_Official

 Instagram: @WEEX Exchange 

Tiktok: @weex_global 

Youtube: @WEEX_Official 

Discord: WEEX Community 

Telegram: WeexGlobalGroup

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