From fines to returning to the U.S.: OKX considers IPO in the U.S., and its astonishing valuation draws attention

Against the backdrop of continued regulatory relaxation in the United States, cryptocurrency exchange OKX returned to the U.S. market in April this year and is reportedly evaluating an IPO. With the platform token OKB rising by over 6% on the news, the exchange's strategic shift towards traditional finance is quietly taking place, further accelerating the convergence between crypto and mainstream financial markets.

From Massive Fines to Headquarters Establishment: OKX Returns to the United States

The Information reported that OKX is considering an IPO in the United States. This top five Asian exchange only reached a $500 million settlement agreement with the U.S. Department of Justice in February this year, involving past unauthorized remittance business operations.

Just two months later, OKX immediately announced the restart of its U.S. business and established a regional headquarters in San Jose, California, demonstrating its ambitious intent to enter the U.S. market.

(After Experiencing Fines and Restarting Layout, OKX Brings OKX Wallet to California, Officially Entering the U.S. Market)

Upon announcing its return to the U.S., OKX appointed Roshan Robert, who previously worked at Morgan Stanley and Barclays, as the U.S. CEO, further strengthening its compliance and financial market experience. He stated: "Our long-term goal is to build a crypto super app similar to WeChat, which is not just about trading, but also a gateway to life."

Crypto Companies Enter Wall Street: IPO Becomes a New Narrative

The report suggests that OKX's IPO plan symbolizes a narrative shift for CEXs: "The crypto industry is beginning to tell its growth story in the language of traditional finance." From fundraising to listing, multiple Web3 companies, including CEXs, are turning towards mainstream capital markets seeking recognition.

(Tether Does Not Consider IPO, Each Employee Earns $130 Million, Becoming the Highest Per Capita Profit "Bank" Globally)

In fact, OKX is not the first. Recently, cryptocurrency exchanges like Kraken, Bullish, Gemini, and stablecoin issuer Circle have either secretly submitted IPO documents or successfully gone public. These actions indicate that the crypto industry is repackaging itself as a financially viable "fintech company" and seeking larger-scale traditional capital support.

Roshan Robert Discusses Web 3 Companies Entering the United States: Not So Difficult

In an interview with The Block last month, Roshan Robert emphasized that OKX's U.S. team has expanded to 500 people, distributed across New York, San Francisco, and San Jose. They will develop a product line specific to the U.S. market through a gradual, compliance-first approach:

The U.S. market is no longer an unreachable forbidden land, but a potential market that can be entered with the right strategy.

He added: "We won't rashly launch a complete trading platform, but will first enter through 'product gateways' like wallets and Web3 tools, gradually expanding trust and user base." This strategic pace reflects the cautious approach of Web3 companies entering highly regulated markets.

(OKX Will Launch OKX Pay Wallet and Financial Card: The Long Compliance Road from Wallet to DEX Aggregator to Payment)

Shocking Valuation? Investors and Regulators Still Have Cognitive Gaps

Despite the current trend of crypto companies going public, their valuation models still surprise and concern capital market observers. Reporter Yueqi Yan pointed out in her report that "even industry insiders are shocked by the valuation of some exchanges," highlighting the significant valuation discrepancies among various parties.

(U.S. Stock CRCL IPO Has Risen 4 Times! Arthur Hayes Warns Valuation is Too High, Suggests Buying This Target)

This "cognitive gap" also brings risks to listing performance. If traditional markets misjudge crypto company valuations, it will likely cause significant stock price volatility and market sentiment fluctuations, similar to the current situation with Circle.

OKX's intention to go public in the U.S. is a microcosm of the crypto industry's move towards traditional capital markets, showing that IPO is one means of driving Web3's next expansion phase. The U.S. market, once seen as "crypto-exclusive," has now become a hotspot for capital.

US cryptocurrency exchange Kraken announced on 6/19 a collaboration with BTCFi protocol Babylon, offering users the ability to directly stake BTC on Kraken while earning Babylon's native token BABY.

Kraken Launches BTC Staking Service, Distributing BABY as Staking Rewards

Kraken states that users no longer need to transfer BTC out of the exchange wallet or perform cross-chain, wrapping, or lending operations. The staked BTC will be locked on the Bitcoin mainnet, and the Babylon protocol will authorize these BTC to other PoS chains to enhance network security.

Kraken indicates that this new product is now live across all Kraken interfaces, including the Kraken website and Kraken Pro professional platform.

Although the staking is for BTC, users will receive rewards in Babylon's native token "BABY". According to CoinMarketCap, BABY's price rose nearly 3% after Kraken's announcement.

Kraken Says Idle BTC Represents Opportunity Cost

Kraken's Global Head of Consumer Business, Mark Greenberg, stated that a large amount of Bitcoin on the platform is currently idle, representing a significant opportunity cost for users. He noted that this collaboration with Babylon allows users to earn returns from idle BTC while enabling emerging PoS chains to leverage Bitcoin's economic scale and further enhance their network security.