OKX has decided not to rush its U.S. initial public offering, saying it will only take the step when it can guarantee long-term shareholder value. The exchange, recently valued at $25 billion after a deal tied to the New York Stock Exchange’s parent company, Intercontinental Exchange (ICE), plans to focus on building growth and stability first.

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Last week, Kraken also paused its long-discussed initial public offering, adding to the list of major crypto firms that are stepping back from public market ambitions amid uncertainty.

Executives Urge Patience Before Listing

Speaking at the Digital Asset Summit in New York, as reported by Coinbase, OKX General Manager and Chief Marketing Officer Haider Rafique said the company would list only when confident of delivering sustainable returns. “We will go public when we have confidence that we can give back shareholder value,” he said.

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Rafique said the company intentionally priced its latest valuation conservatively to support future performance. “I think we did underprice ourselves when you look at our revenue growth, our licenses, and our assets. That was very intentional,” he noted.

He added that past listings such as Coinbase’s have shown the risks of entering public markets too early, citing their share price decline since debut.

Read more: Kraken Halts IPO Plans as Weak Market Dents Crypto Valuations: Report

Kraken, which had previously explored a multibillion-dollar listing, reportedly decided to freeze its IPO plans as market conditions deteriorated and investor appetite for crypto-exposed equities weakened

Building Scale Before Market Entry

Founded in Asia, OKX has grown into one of the largest global crypto exchanges, particularly in derivatives trading. On CoinMarketCap, it ranks second in derivatives behind Binance, with daily trading volumes of more than $20 billion.

The company’s partnership with ICE is also expected to support development of blockchain-based infrastructure for tokenized assets. OKX aims to play a role in bringing traditional products like equities onto blockchain networks in the future.

Crypto IPO activity has been stop‑start over the past cycle: Coinbase’s 2021 direct listing remains the flagship exchange IPO, with other listed crypto plays coming mostly from miners and infrastructure names, such as Iris Energy in 2021, Bitdeer in 2023, and SPAC-style deals like Bakkt’s NYSE listing via VPC Impact Acquisition.

More recently, IPO talk has shifted to a pipeline rather than completed deals, with firms like Circle, eToro, Gemini, BitGo, Consensys, and Kraken variously filing, exploring, or preparing listings, many of which have been delayed or reshaped as markets turned.