OKX is probably not far from going public, right? Today, OKX completed another funding round, still holding a valuation of $25 billion. Circle, Ripple, SC Ventures under Standard Chartered, and quant giant QRT have all joined in. Just 7 months ago, the NYSE parent company ICE invested about $200 million and even secured a seat on OKX's board. Looking at the valuation alone, it hasn’t increased, so this round might not seem that exciting. But when you put these shareholders together, it gets pretty interesting: NYSE, banks, stablecoins, payments, quant trading—this almost completes the ecosystem a financial infrastructure company would need. Just one day before the funding, OKX and ICE’s joint venture, OKXICE, submitted a proposal to the SEC for 24/7 tokenized U.S. stock trading, with the first batch covering 63 U.S.-listed companies. In the past, OKX was all about being a Crypto Exchange. Now, it’s moving toward a path of exchange + stablecoins + payments + U.S. stocks + institutional market infrastructure. For a company preparing to go public, this story is clearly worth much more than just relying on bull market trading fees in the crypto space. So, congrats to OKX, congrats to Old Xu, and here’s hoping they can lead the industry in innovation and progress.