Interpretation of Intercontinental Exchange's Investment in OKX First of all, congratulations to OKX for obtaining investment from the Intercontinental Exchange. Speaking of the Intercontinental Exchange, many people may not be familiar with it. It is the parent company of the New York Stock Exchange, and many people may not be familiar with the New York Stock Exchange. However, if it is one of the largest exchanges in the United States that is preparing to put all US stocks on the chain and open 7 x 24 hours trading, people should have an impression. (This is the tweet I quoted) Although OKX did not disclose how much money it invested, its valuation is based on $25 billion. What is this concept? Coinbase, the first cryptocurrency exchange to go public in the United States, currently has a market value of $55.17 billion, and OKX's current valuation is equivalent to half of Coinbase. I believe that OKX's trading revenue (limited to trading fees) should be higher than COIN's, but considering that its valuation is half of Coinbase's, OKX's total revenue should be more than half of COIN's. Coinbase's annual revenue for 2025 is approximately $7.2 billion, with USDC contributing around $1.35 billion. Therefore, I personally estimate OKX's annual revenue to be between $3 billion and $5 billion, although this is not the most important. By the way, Circle's current valuation is $24.76 billion, while OKX's current valuation is on par with CRCL. So why did Intercontinental invest in OKX? Although there may be many answers, I personally think the biggest possibility is the tokenization of the US stock market. The New York Stock Exchange is already preparing to tokenize US stocks, and as we have mentioned, the exchange itself will not face users. Trading will definitely be conducted through broker dealers, so where is a cryptocurrency exchange, especially a top cryptocurrency exchange, more suitable for tokenizing US stocks. You should know that Intercontinental Exchange has also invested in Coinbase, Bakkt, and Polymarket, which are all compliant in the US stock market. Their users are mainly from the United States, and they are not very interested in tokenizing US stocks because it is very easy to open an account locally. There is no practical need to buy US stocks on the Token Exchange. The biggest sales will definitely be outside the United States, with Europe having RobinHood and Kraken, and one of the largest regions for cryptocurrency being Asia. OKX can cover this area perfectly. Recently, there has been a lot of competition for tokenized sales in the US stock market, and now the biggest winner on the table should be OKX. Behind it is not just a compliant company, but one of the largest stock exchanges in the United States, and its subsidiaries are also preparing to sell all US stocks on the chain. I estimate that OKX is a step towards covering Asia. In addition, besides tokenization in the US stock market, there may also be synchronization between ICO and IPO of listed companies in the future. I wonder if there are any friends who remember that there are compliant ICOs on Coinbase. It is also possible for OKX to help companies in the US or other countries with ICO in the future. Finally, investment does not equate to acquisition, but Intercontinental Investment OKX is likely to have two more moves to take in the future: Step 1: Compliance in the United States. OKX has been focusing on compliance for a long time, and many partners, including myself, believe that it is a pre listing plan, but they are also preparing to obtain a US license. Step 2: It should be an IPO in the United States. The information I obtained before about OKX's IPO should be around 2026 (not excluding delays). At that time, I posted a tweet where K starts with Kraken and G is Gemini. The first letter cannot be said to be OKX. I published this article in March 2025. Kraken submitted the S-1 in November 2025 and it will be launched in the first quarter of 2026. Gemini submitted the S-1 before June and it will be launched in September. The fourth one starting with B still needs some time to wait, but it is still in the planning stage. End.