ICE: ICE and OKX Deepen Relationship Establishing 50-50 JV

Research evidence excerpt

ICE: ICE and OKX Deepen Relationship Establishing 50-50 JV

ets broader access to OKX's retail customer base.

Background. OKX is a fintech and blockchain technology company that operates a global cryptocurrency trading platform alongside

on-chain wallet and marketplace services. The company's technology processes trillions of dollars in transactions across more than

~120m users worldwide. OKX operates under regulatory licenses in the United States, the UAE, Europe, Singapore, and Australia,

and maintains regional office footprints in San Jose, Dubai, São Paulo, New York, Hong Kong, Singapore, Turkey, and Australia.

Beyond spot crypto trading, OKX provides institutional trading and custody services, multi-chain wallet technology, developer

tools, and a global payments business.

In March 2025, ICE made an investment in OKX for an undisclosed amount, though reflecting a valuation of ~$25bn for OKX.

With the investment, ICE established a strategic relationship with the company, where ICE will license OKX's spot crypto prices

and launch U.S.-regulated futures contracts, providing institutions with compliant access to digital assets. Additionally, subject

to regulatory approval, OKX will provide its ~120m user base access to ICE's U.S. futures and NYSE tokenized equities markets.

The companies will jointly pursue initiatives focused on market structure design, clearing and risk management, data services,

and institutional-grade digital infrastructure including multi-chain custody solutions to improve access for institutional players in

digital asset markets. ICE had noted its minority stake in OKX is not expected to materially impact its 2026 financial results or

capital return plans. For additional details, please see our note.

All values in USD unless otherwise noted.