OKX Adds Circle, Ripple, QRT, SC Ventures at $25B Valuation
OKX named four strategic investors at a $25 billion pre-money valuation. The size of the raise was not disclosed.
OKX's reported $25 billion pre-money round is notable for its investor list, not its size, which was not disclosed. Circle, Ripple, Qube Research & Technologies and SC Ventures each map to a function OKX names: stablecoins, payments, liquidity and custody. The signal is positioning toward infrastructure; capital raised remains unknown.
The Ledger Desk · 3 min read- OKX announced a $25 billion pre-money valuation round with four strategic investors: Circle, Ripple, Qube Research & Technologies and SC Ventures.
- The amount raised was not disclosed, so post-money value and the stake sold cannot be calculated.
- OKX describes each investor's role: Circle issues USDC, Ripple brings payments and stablecoin expertise, QRT supplies liquidity and risk capacity, and Standard Chartered is custodian for the BUIDL tokenized Treasury fund.
- An OKX and Intercontinental Exchange joint venture has filed to offer 24/7 tokenized trading in 63 U.S. stocks, per CoinDesk.
- The roles are described by OKX; no source reviewed shows operating dependence on every investor, so counterparty concentration is a question to watch, not a finding.
OKX has announced a round at a $25 billion pre-money valuation with Circle, Ripple, Qube Research & Technologies and SC Ventures as investors, according to OKX and CoinDesk's 6 October 2026 report. The amount raised was not disclosed. With no cheque size, the investor list carries more information than the valuation.
The valuation says little without a raise size
A pre-money valuation of $25 billion is a headline marker, not a pricing signal, until the amount raised is known. Without it, post-money value and dilution cannot be calculated. OKX said the round extended an earlier investment from Intercontinental Exchange, the parent of the NYSE. Treat the figure as the company's own announced valuation, and look for a disclosed raise size before drawing comparisons with other exchange or stablecoin-sector rounds.
Each investor maps to a layer OKX names
OKX's announcement ties each investor to a layer of financial infrastructure: Circle issues USDC, Ripple contributes payments, liquidity and stablecoin expertise, Qube Research & Technologies provides liquidity and risk capacity, and Standard Chartered is custodian for the BUIDL tokenized Treasury fund. These are OKX's descriptions of what each party represents. They do not by themselves show that OKX's own operations depend on every investor, and neither source reviewed establishes that.
Tokenized U.S. stocks are the concrete product
CoinDesk reports that a joint venture between OKX and Intercontinental Exchange has filed to offer 24/7 trading in tokenized shares of 63 U.S. companies, using OKX's X Layer blockchain and the USDC, USDT and USDG stablecoins. The shares would retain dividend and voting rights under an SEC tokenization framework. This is the clearest test of whether the platform ambitions turn into cleared volume, and the filing is not an approval.
What to watch next
CoinDesk cites Macquarie as expecting early adoption to favor retail investors, since institutions already have access to U.S. stocks and face higher regulatory and technology hurdles; viability depends on liquidity and company participation. The open items are the size of the raise, the regulatory outcome of the filing, and traded volume. If settlement and custody concentrate among OKX's own investors, counterparty concentration becomes a risk to track.
- Who invested in OKX in this round?
- OKX announced Circle, Qube Research & Technologies, Ripple and SC Ventures, the venture arm of Standard Chartered. The round extended an earlier investment from Intercontinental Exchange. The amount raised was not disclosed.
- What valuation was announced?
- OKX announced a $25 billion pre-money valuation. Because the raise size is undisclosed, the post-money figure and the percentage sold cannot be derived.
- What is OKX trying to become?
- CEO Star Xu said the exchange was the starting point and OKX is evolving into a broader global financial technology platform, including tokenized real-world assets and onchain markets that meet institutional standards.