OKX Eyes U.S. IPO, OKB Jumps 13% on Investor Optimism

OKX, one of the world’s top three cryptocurrency exchanges, is reportedly exploring an initial public offering (IPO) in the United States.

The news, first disclosed by crypto journalist @Yueqi_Yang on June 22, 2025, comes just two months after relaunching its U.S. operations in April. The company has since established its new headquarters in San Jose, California.

The potential IPO underscores OKX’s push toward regulatory compliance and its efforts to access U.S. capital markets, following a $505 million settlement with the U.S. Department of Justice.

OKB, the native token of the OKX ecosystem, also surged on June 23, gaining 13% and briefly surpassing $54, according to CoinGecko.

This rally has been described as a potential "relief rally or true trend reversal" by Crypto.news, reflecting heightened investor confidence following the IPO rumors. The circulating supply of OKB remains around 60 million tokens, contributing to its market capitalization of approximately BTC29,373.4652, ranking it #41 on CoinGecko.

Market Reaction and Expert Insights

Citing The Information’s original report, prominent Web3 community builder @cryptobraveHQ summarized that OKX has “absolutely considered” a U.S. IPO, although no timeline has been confirmed.

It also notes the exchange's remarkable turnaround, having paid a $500 million fine to the U.S. authorities in February 2025 for operating without a license, only to re-enter the market four months later with a new headquarters in San Jose.

A successful IPO could mark a major milestone for OKB, potentially opening the door to regulatory recognition. It may also set a precedent for other token-issuing platforms, especially as exchanges like Kraken, Gemini, and Bullish prepare for listings through traditional IPOs or SPAC structures.

The post also highlights a more favorable policy stance under the Trump administration, which has softened its stance on cryptocurrency regulation, boosting investor interest in crypto-related stocks.

This policy shift coincides with the proposed CLARITY Act, designed to clarify regulatory responsibilities between the SEC and CFTC, with "digital commodities" falling under CFTC jurisdiction—a boon for OKX’s derivatives-focused model.

OKX’s IPO timing suggests a proactive strategy, betting on the Act’s passage to position itself as a frontrunner among compliant exchanges once legislation is finalized.

Challenges on OKX’s IPO Journey

OKX’s path to an IPO represents a complex balancing act across compliance, token economics, and the historical baggage of its leadership.

The exchange’s core strength lies in its robust global market position and product depth. As a leading player with over 50 million users and high market liquidity, OKX stands out in the derivatives market, offering up to 100x leverage on futures contracts and sophisticated trading tools. This has made it a preferred platform for professional traders and a steady revenue generator, with estimated annual revenues ranging between $1 billion and $10 billion.

Yet the OKB token ecosystem, one of OKX’s greatest strengths, could also be its biggest challenge. OKB is not just a utility token; it's deeply integrated into the platform’s core features, powering fee discounts, governance, and staking mechanisms.

More critically, OKX has committed to allocating 30% of its spot trading fee revenue to repurchase and burn OKB tokens from the secondary market, a strategy designed to create deflationary pressure and boost the token’s value. This raises an unprecedented challenge in valuing the token within the IPO framework.

According to SEC guidelines, OKX’s "repurchase and burn" program could lead to OKB being classified as a security, further complicating its IPO prospects and creating potential conflicts between shareholders and OKB holders.

Lastly, despite efforts to improve its image, OKX cannot escape the shadow of its past. The $505 million settlement with the U.S. Department of Justice, combined with controversies surrounding its founder, Star Xu, will face intense scrutiny during the IPO prospectus and due diligence processes.

This historical baggage could significantly detract from OKX’s appeal in a public market that prioritizes clean leadership backgrounds, posing a persistent risk to its IPO ambitions.

A Pivotal Moment for OKX and the Crypto Industry

From facing a hefty fine for serious violations to now considering a listing on Wall Street, OKX’s journey mirrors the broader trajectory of the cryptocurrency industry. It signals a turning point—from years of unchecked growth to a new phase of regulatory maturity.

This IPO will serve as the ultimate test of OKX’s self-reform efforts. If successful, OKX will not only achieve its own redemption but also provide a viable compliance roadmap for other global exchanges to follow. If it fails, it will deliver a harsh warning to the industry: the bridge from the free-spirited world of cryptocurrency to the stringent rules of Wall Street remains a challenging work in progress.