ICE backs OKX at $25B; Plans U.S.-regulated crypto futures

Intercontinental Exchange has taken a minority stake in OKX at a $25 billion valuation and plans to license OKX’s spot crypto prices to build U.S.-regulated futures contracts. ICE will hold a seat on OKX’s board. The companies are also preparing, subject to approvals, to link ICE’s U.S. futures venues and NYSE tokenized equities markets to OKX’s 120 million accounts.

The firms described the arrangement as a strategic relationship pairing ICE’s market technology and regulatory frameworks with OKX’s blockchain infrastructure and global distribution. Terms of the investment were not disclosed. ICE’s position is not expected to materially affect its 2026 financial results or capital return plans.

Under the plan, ICE intends to design and list futures tied to OKX’s spot markets on U.S.-regulated exchanges, giving institutions a regulated channel to digital asset exposure. The companies will assess joint work on market structure, clearing and risk controls, data services, and institutional connectivity.

Distribution plans call for OKX, pending regulatory clearance, to offer its users access to ICE’s U.S. futures markets and NYSE tokenized equities markets. The collaboration is focused on connecting digital assets and traditional securities within established safeguards.

“Our strategic relationship with OKX will expand global retail access to ICE’s regulated markets and accelerate plans to offer on-chain infrastructure and tokenized assets to U.S. investors,” noted Jeffrey C. Sprecher, ICE chair and chief executive.

Star Xu, OKX’s founder and CEO, described the pairing as an effort to build “a more reliable market structure” that links digital assets and equities and meets institutional standards for risk and compliance.

Following the announcement, the price of OKX’s native token, OKB, rose 57%.

OKX operates a global crypto exchange, an on-chain wallet and marketplace, and an institutional trading and custody business. The company reports trillions of dollars in processed trading volume and operates under licensing frameworks in the United States, the European Economic Area, the United Arab Emirates, Singapore and Australia. For a detailed breakdown of the platform’s trading features, see our OKX review.

ICE provides market technology and data services across asset classes and operates exchanges and clearing houses including the New York Stock Exchange. It also runs markets for energy and environmental products and offers fixed income and mortgage technology services.

The companies did not provide a timeline for launching the U.S.-regulated crypto futures or for enabling OKX user access to ICE and NYSE markets. Certain elements remain subject to regulatory review. Details of ICE’s board representation were not disclosed beyond the confirmation of a seat.