OKX Raises Fresh Capital at $25B Valuation

The striking part is the valuation anchor: a $25 billion mark set by an extension of a round already led by the parent of the NYSE, which ties a major crypto venue's pricing to traditional exchange infrastructure money. The undisclosed raise size limits how much can be read into the number itself, since a small extension can carry the same headline valuation as a large one. What matters next is whether that ICE-linked backing deepens into governance or product ties, and whether other exchanges attract comparable institutional anchors.