OKX Eyes U.S. IPO Post-Litigation Win and Market Re-entry
OKX, a global cryptocurrency exchange, is reportedly preparing for a U.S. initial public offering (IPO), just months after settling litigation and re-entering the market. The decision follows the recent settlement with the United States Department of Justice (DOJ) valued at $505 million. Earlier this year, the DOJ appeared for abuse of anti-money laundering legislation.
April Relaunch and New U.S. Headquarters Signal Big Push
After settling, OKX resumed operations in the U.S. in April, while amid its establishment of a new headquarters in San Jose, California. The firm also appointed Roshan Robert (a Wall Street veteran with Morgan Stanley and Barclays experience) as an associate degree at its US CEO, indicating a strong move into the U.S. finance scene.
Growing Trend: Crypto Companies Turning to Wall Street
The IPO plans from OKX come as a broader trend where crypto companies are looking to go public in the US. With pro-crypto vibes in Washington growing and more guidelines being drawn up, the market keeps becoming more and more favorable for crypto firms looking for public capital.
Split Listing Could Broaden Investor Base
It’s said that the company is mulling over a split listing, which will help it draw a wider base of investors. As a publicly listed entity, the institution will also receive financial backing from traditional players, strengthening its foothold in the US.
Circle and Coinbase Lead the Way in Public Offerings
The ambitions of OKX came off the heels of Circle‘s recent IPO success, where the firm took home $1.1 billion and stock price growth from $31 to over $200. In recent weeks, it was reported that a well-known public crypto exchange, Coinbase (COIN), ranked up the market stature.
More Firms Join the IPO Wave
Other crypto companies are also considering IPOs, including Kraken, Gemini, eToro, and Bullish, with some already filing confidential paperwork. The market is seeing an increase in investments in crypto-speculation companies as interest grows.
Crypto Exchanges Rise While Mining Stocks Decline
As OKX-type trading platforms are doing great currently, crypto mining companies are not doing so well. Companies like Marathon Digital, as well as Bitfarms and Riot Blockchain, have seen their stocks drop significantly. This shows that investor interest is shifting away from mining and towards other crypto businesses.
OKX to Launch All-in-One Super App
With almost 500 workers in the main cities of the US, OKX will build a “super app.” This product will provide all crypto services. Thus, OKX seems to enter the public with a bang. The renewed emphasis on compliance and innovation by the firm could allow for a noteworthy Wall Street debut by OKX, which can benefit the entire crypto space.
