The owner of the New York Stock Exchange is moving deeper into crypto. Intercontinental Exchange (ICE) has taken a minority stake in exchange OKX, linking one of Wall Street’s key infrastructure operators with a major global trading platform.
The investment values OKX at roughly $25 billion, according to people familiar with the deal, and gives ICE a seat on the exchange’s board. ICE invested about $200 million, though the companies did not disclose the size of the stake. But the strategic importance of the deal lies less in the investment itself than in how the two firms plan to use each other’s infrastructure.
The Infrastructure Trade
Under the agreement, ICE will license OKX’s spot crypto price feeds to support the launch of U.S.-regulated crypto futures contracts. In return, OKX expects to distribute those futures products — along with tokenised equities tied to NYSE-listed stocks — to its roughly 120 million global users, most of whom are outside the United States.
The rollout remains subject to regulatory approvals. The structure effectively connects two different types of liquidity pools: regulated U.S. derivatives markets and the deep global trading activity on large offshore crypto exchanges.
For brokers and market operators, that model matters. Instead of competing directly with crypto venues, traditional exchanges are increasingly exploring ways to plug into their data, liquidity, and distribution networks.
OKX’s U.S. Reset
The partnership also comes as OKX attempts to rebuild its relationship with U.S. regulators. In February 2025, the exchange pleaded guilty to operating an unlicensed money-transmitting business and agreed to pay roughly $504 million in penalties.
Since then, executives have framed the company’s U.S. strategy as a reset. OKX described the American market as a “blank sheet of paper”, saying it intends to rebuild its presence through partnerships with regulated financial institutions.
For OKX, the ICE investment provides a powerful signal of institutional backing. For ICE, it provides access to one of the largest pools of crypto trading activity without running a retail crypto exchange itself.
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The Tokenization Angle
The collaboration also highlights a growing push by major exchanges toward tokenized securities. NYSE said earlier this year it is exploring a venue for trading tokenised stocks and exchange-traded funds around the clock.
Nasdaq has also sought regulatory approval to list tokenised versions of equities. ICE executives say blockchain infrastructure will increasingly play a role in trading, clearing and settlement.
Why Brokers Should Care
For brokers, the partnership offers a preview of how traditional exchanges and crypto platforms may interact in the next phase of market development.
Instead of replacing existing market structures, large crypto venues could become distribution layers for traditional financial products, while established exchanges provide regulated derivatives, clearing and institutional credibility.
If the model works, it could reshape how brokers access liquidity and distribute products across both traditional and digital markets.
