The exchange joins a rising wave of crypto firms eyeing public listings in 2025, including Bullish and Circle, amid growing institutional backing and clearer regulatory paths.
With improved compliance and licenses, firms like OKX are positioning 2025 as the year crypto moves from the sidelines to the heart of Wall Street.
OKX is reportedly preparing for a U.S. public listing, just months after re-entering the American market.
According to The Information, the global crypto exchange is exploring an initial public offering on a US stock exchange following its April relaunch.
The move comes on the heels of a US$500M (AU$771.3M) settlement with the Department of Justice (DOJ) earlier this year, which resolved charges tied to operating as an unlicensed money transmitter.
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The settlement cleared a major regulatory overhang, opening the door for OKX to rebuild its US presence, and now, potentially, to tap US capital markets after securing an EU license.
More Crypto IPOs
If OKX proceeds with a listing, it would join a growing wave of crypto firms eyeing US IPOs. Earlier this month, Bullish, a digital asset exchange backed by Peter Thiel, confidentially filed for a public offering, according to Financial Times sources.
Crypto companies are stepping into public markets at a pace not seen since the peak of the last cycle. This time, they’re coming with more revenue and more institutional backing, although the regulatory framework is not the best, there have been some advancements, particularly on the stablecoin front.
In 2025, the wave of listings is being led by Circle, the issuer of USDC, which went public on the New York Stock Exchange in June. The firm raised US$1.05B (AU$1.62B) on day one, making it the largest crypto-related IPO since Coinbase’s debut in 2021.
With more firms targeting public capital markets, armed with licenses and compliance teams, 2025 may end up being the year crypto stopped knocking on Wall Street’s door, as Galaxy Digital’s CEO Michael Novogratz believes.
More Pressure in the East
Interestingly enough, the IPO plans also come at the hills of mounting pressure in the Asian market, particularly in Thailand.
As reported, OKX is among five crypto exchanges set to be blocked in Thailand starting June 28, 2025, after the country’s regulatory agency found they were operating without proper licenses. This is alongside Bybit, CoinEx, 1000X, and XT.COM.
Like many of these firms, OKX was accused of violating the Digital Asset Business Act, which focuses on investor protection and anti-money laundering. The Thai SEC has urged users to withdraw funds before the ban and has filed legal complaints with the Economic Crime Suppression Division.
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