OKX won’t rush IPO as exec warns poor listings hurt crypto industry

OKX, a major global crypto exchange, will not rush its initial public offering (IPO) in the U.S. The company intends to go public only when it can ensure consistent shareholder value, according to Haider Rafique, the firm’s general manager and chief marketing officer. This cautious approach comes despite a recent strategic investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, which valued OKX at $25 billion.

Strategic Valuation and Industry Concerns

Rafique stated that the recent funding round was intentionally priced conservatively, suggesting OKX may have been underpriced given its revenue growth, licenses, and assets. This strategic decision is tied to a long-term focus on shareholder returns. The exchange’s deliberate pace reflects broader concerns about the performance of crypto companies in public markets. Rafique highlighted instances where major crypto listings have struggled, citing one share that has seen a negative 50% return, which he believes is detrimental to the entire crypto category.

He warned that repeating the mistakes of past market events, such as the Initial Coin Offerings (ICOs) and the proliferation of tokens, could harm the industry's future. "If we treat going public the same way we treated ICOs and the 5 million tokens that were put in market last year… then I think we’re doomed as an industry," Rafique commented.

Global Expansion and Future Growth

OKX is positioning itself as a long-term industry builder. Founded in Asia, the exchange has become one of the largest global crypto trading platforms, particularly strong in derivatives. Unlike U.S.-centric competitors like Coinbase and Kraken, OKX operates across multiple regions, including Europe, Latin America, and Asia, providing a broader liquidity base and a significant competitive advantage through its unified order book, especially during off-hours in U.S. markets.

The company is also focusing on the growth potential of tokenized financial assets and blockchain-based infrastructure. Its partnership with ICE is expected to facilitate the integration of equities and other traditional assets onto the blockchain, with OKX serving as a distribution channel for these products.

Long-Term Vision

For the immediate future, OKX's priority remains on building its business over the long term, with Rafique envisioning a 20-to-30-year development horizon. The IPO decision is framed as a matter of durability rather than immediate market timing.