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OKX says it won’t go public until it can deliver returns to investors

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OKX says it won’t go public until it can deliver returns to investors

OKX does not plan to rush into public markets in the U.S., even as the crypto exchange pushes deeper into global expansion and tokenized finance.

“We will go public when we have confidence that we can give back shareholder value,” said Haider Rafique, the firm’s general manager and chief marketing officer, during a conversation at the Digital Asset Summit in New York on Thursday. “If we are not confident that we can do that, I don’t think there’s going to be any desire for us to go into the public markets.”

The stance comes as OKX recently secured a strategic investment tied to Intercontinental Exchange, the parent company of the New York Stock Exchange, in a deal that valued the company at $25 billion. Rafique said the firm intentionally priced the round conservatively. “I think we did underprice ourselves when you look at our revenue growth, when you look at our licenses and our assets,” he said, adding the move was “very intentional” and tied to long-term shareholder returns.

The comments reflect a broader concern about how crypto companies have performed in public markets. Rafique pointed to at least one major listing that has struggled since going public. “I bought one share… and that one share is at a negative 50% return,” he said. “That’s not a good thing. That’s actually bad for the category.”

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While he did not name the company, Coinbase (COIN) — the largest U.S.-listed crypto exchange — has faced volatility since its 2021 debut and currently trades nearly 50% lower than its IPO price. Other crypto-linked listings have also struggled to maintain consistent investor returns, raising questions about how public markets value the sector.

Rafique warned that repeating past patterns could damage the industry further. “If we treat going public the same way we treated ICOs and the 5 million tokens that were put in market last year… then I think we’re doomed as an industry,” he said.

Instead, OKX is positioning itself as a longer-term builder. The exchange, founded in Asia, has grown into one of the largest global crypto trading platforms, particularly in derivatives, where Rafique said it ranks among the top venues. Unlike U.S.-focused rivals such as Coinbase and Kraken, OKX operates across multiple regions, including Europe, Latin America and Asia, giving it a broader liquidity base.

That global footprint is central to its strategy as it eyes further expansion into the U.S. Rafique said international exchanges bring structural advantages, including deeper liquidity across time zones. “Our unified order book becomes a really strong competitive advantage,” he said, particularly during off-hours in U.S. markets.

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The company is also betting on tokenized financial assets and blockchain-based infrastructure as the next phase of growth. Its partnership with ICE is expected to support efforts to bring equities and other traditional assets onchain, with OKX acting as a distribution layer for those products.

For now, though, Rafique said the focus remains on building before listing. “We’re going to build this company over 20, 30 years,” he said, framing the IPO decision as one tied to durability rather than timing.

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Crypto World

Stragegy’s (MSTR) STRC shares rebound to par value faster than historical average to enable more BTC buying

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Stragegy's (MSTR) STRC shares rebound to par value faster than historical average to enable more BTC buying

Stretch (STRC), the perpetual preferred equity issued by Strategy (MSTR), the world’s largest corporate holder of bitcoin, reclaimed its $100 par value during Thursday’s trading session, giving the company the leeway to raise funds to add to its stash of the largest cryptocurrency.

The recovery took nine trading days following the March 13 ex-dividend date, when buyers of the stock no longer qualify for the next payout. Prices of ex-dividend stocks typically drop to reflect the cash being distributed to the previous shareholders.

At its core, STRC works by adjusting yield to steer price. If shares trade above $100, the company can trim the dividend to cool demand. If shares fall below that level, it can raise dividends to attract buyers. Keeping the price anchored lets the firm issue new shares near par, bringing in capital that is then deployed to buy bitcoin.

The return to par, this time, was slightly faster than the historical average of around 10 trading days for STRC, according to STRC.live.

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STRC functions as a short-duration, high-yield credit instrument, offering an 11.5% annual dividend paid monthly. This structure helps incentivise trading near its $100 par value, enabling the company to utilise at-the-market (ATM) share issuance to raise capital for additional bitcoin acquisitions.

In comparison, SATA, the equivalent tool issued by bitcoin treasury company Strive (ASST), offers a higher 12.75% dividend. Currently priced at $99.25, it is also approaching par value.

Strategy bought 1,031 bitcoin last week for a total cost of $76.6 million, or $74,326 per coin. However, the magnitude of that buy was far lower than that of recent acquisitions, and STRC wasn’t at par during last week’s bitcoin purchase.

The firm’s holdings now stand at 762,099 bitcoin, bought for approximately $57.69 billion, at an average price of $75,694 per bitcoin.

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Read more: Michael Saylor’s Strategy dominates DAT bitcoin buying as treasury demand collapses

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TradFi Is Buying Bitcoin Again, But War, Inflation May Unravel The Rally

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TradFi Is Buying Bitcoin Again, But War, Inflation May Unravel The Rally

Bitcoin’s (BTC) consolidation continued into Thursday as bulls struggled to keep hold of $70,000, and competing narratives on BTC’s market structure versus its increasing institutional adoption clashed with the bearish overarching factors negatively impacting US equity markets. 

Citing Bernstein’s $150,000 by the end of 2026 price estimate, Bloomberg analysts said that data shows institutional investors returning to the Bitcoin markets in droves, reinforcing the view that BTC had “reached a floor.”   

In early March, a week-long stretch of inflows to the spot Bitcoin ETFs nearly topped $1 billion, while Strategy purchased 22,237 BTC for $1.6 billion through its new perpetual preferred equity, Stretch (STRC). In addition to the success of STRC, Strategy also unveiled plans to raise capital to buy $44.1 billion in additional Bitcoin. 

Further proof of institutions stepping back into the crypto market came from $10 trillion asset manager Morgan Stanley filing documents to launch its own spot Bitcoin ETF. Morgan Stanley recommends investors maintain a 2% to 4% allocation to cryptocurrencies, and on March 26, a proposed Labor Department rule, which would permit brokerages that manage and offer services in the $10 trillion 401(k) retirement plan market to invest in Bitcoin, progressed through the White House’s regulatory review process.  

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On Thursday, Coinbase also launched token-backed down payments for Fannie Mae loans, essentially permitting Bitcoin holders to use BTC and USDC to fund home mortgages. The offering allows investors holding Bitcoin to unlock the trapped liquidity of BTC without selling or generating a taxable event. 

Related: US Bitcoin ETFs post 6-day inflow streak as crypto rallies

How important is Bitcoin’s $70,000 support?

While institutional investors’ renewed interest in buying Bitcoin has clearly returned, BTC’s price volatility and its inability to break out of a near 6-month price downtrend remain clear hurdles. The ongoing US-Israel and Iran war, along with President Trump’s threat to send ground troops to Iran continues to negatively impact stock markets and cryptocurrencies. 

On Thursday, in a Truth Social post, President Trump said Iran’s negotiators had “better get serious soon, before it is too late, because once that happens there is NO TURNING BACK, and it won’t be pretty!” The clear buildup of US military assets deployed to the Middle East has markets worried that a ground operation could begin as early as this weekend. 

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Truth Social post from President Donald Trump. Source: Truth Social

Following a series of comments from the President, US markets sold off, with the DOW shedding 400 points, while the S&P 500 and Nasdaq saw 1.49% and 2.07% respective losses. On the other hand, WTI crude oil and Brent Crude rallied, with each seeing gains of over 4%.

With growing uncertainty on which direction the US-Israel and Iran war takes and the longer-term impact of record-high oil prices on US inflation and the wider economy, investors are electing to decrease their exposure to volatility. 

BTC/USD 1-day chart. Source: TradingView

This explains Bitcoin’s frequent re-visits to prices below $70,000 along with the short-lived nature of rallies in the $71,000 to $76,000 range. That said, one positive is that institutional and retail investors appear to view $70,000 and below as an optimal buying zone, thus reinforcing the level as support.