Intercontinental Exchange (ICE) has made a strategic investment in crypto exchange OKX, as traditional market operators continue to explore closer links with digital asset platforms.
The investment values OKX at $25 billion (£18.75 billion), although financial terms were not disclosed.
Alongside the investment, the two firms said they will establish a strategic relationship focused on areas including market structure design, clearing and risk management, market data and institutional access to digital assets.
ICE will take a seat on the company’s board as part of the agreement.
The collaboration forms part of ICE’s broader efforts to expand its role in digital market infrastructure, including the development of on-chain capabilities across trading, settlement, custody and capital formation.
Jeffrey Sprecher, ICE chair & CEO, said: “Our strategic relationship with OKX will expand global retail access to ICE’s pre-eminent regulated markets and accelerate our plans to offer on-chain infrastructure and tokenised assets to US investors.
“Star has created a highly successful company, with enormous distribution which will now connect NYSE and ICE markets to OKX’s customer base, bringing an exciting new stage for both vectors of finance.”
One of the initiatives under consideration is the launch of US-regulated crypto futures contracts using spot pricing data from OKX.
The contracts would aim to provide institutional investors with regulated derivatives exposure to crypto markets, rather than requiring direct participation in underlying token markets. The firms are also exploring the possibility of expanding access to traditional markets through crypto platforms.
Subject to regulatory approval, OKX could offer its users access to ICE’s US futures markets as well as tokenised equities linked to the New York Stock Exchange.
ICE said its minority stake in OKX is not expected to have a material impact on its 2026 financial results or capital return plans.
Star Xu, founder and CEO of OKX, said: “This relationship brings together OKX’s digital-asset execution stack and ICE’s regulated-market technology – operators of two high-performance matching engines and transparent order books – to help build a more reliable market structure that bridges digital assets and equities, strengthens cross-market price formation, and meets institutional standards for risk and compliance.”
OKX operates under licensing regimes across several jurisdictions, including the United States, Europe, the UAE, Singapore and Australia, and has processed trillions of dollars in trading volume through its platform.
The firm also operates institutional trading and custody services, alongside wallet technology and developer tools designed for participation across both centralised and decentralised markets.