OKX avoids IPO haste, warns poor listings damage crypto industry

• OKX executive Haider Rafique stated the exchange will not rush into a U.S. initial public offering (IPO) until it is certain of delivering long-term shareholder value.
• The company recently secured a strategic investment linked to the Intercontinental Exchange (ICE), valuing the firm at $25 billion.
• Rafique warned that the crypto industry faces risks if it treats public listings with the same lack of discipline seen in previous initial coin offering (ICO) cycles.

A Conservative Strategy for Public Markets

During the Digital Asset Summit in New York on Thursday, Haider Rafique, the general manager and chief marketing officer of OKX, clarified the exchange's stance on going public. He emphasized that the desire to list is secondary to the company’s confidence in its ability to provide consistent returns to investors.

Rafique noted that the company’s recent funding round, which valued OKX at $25 billion, was intentionally priced conservatively. Despite strong revenue growth and a wide array of international licenses, the firm chose to "underprice" itself to ensure long-term stability for shareholders rather than chasing a higher immediate valuation.

Learning from Industry Volatility

The cautious approach is partly a response to the poor performance of other crypto-linked stocks. Rafique highlighted that many listings in the sector have struggled, pointing to one major example—likely Coinbase (COIN)—that is currently trading approximately 50% lower than its debut price.

Rafique expressed concern that if crypto companies continue to approach IPOs with the same mindset as the millions of speculative tokens launched in recent years, the industry’s reputation could be permanently damaged. He argued that public markets require a higher level of maturity and durability that many firms have yet to demonstrate.

Global Footprint and Tokenized Future

Rather than focusing on a quick exit, OKX is positioning itself for a multi-decade growth trajectory. Founded in Asia, the exchange has expanded into a global powerhouse, particularly in the derivatives market. Unlike U.S.-centric competitors, OKX maintains a broad liquidity base across Europe, Latin America, and Asia.

Key pillars of their future growth include:

• Utilizing a unified order book to provide deeper liquidity during off-peak hours in the U.S. market.
• Partnering with ICE to bridge traditional finance and blockchain through the tokenization of equities and other assets.
• Building a distribution layer for on-chain financial products over the next 20 to 30 years.