Major global cryptocurrency exchange OKX is reportedly considering a public listing in the United States following its relaunch in the country.
OKX is weighing an initial public offering (IPO) in the US, with a potential listing on a local exchange, The Information reported on Sunday. OKX resumed operations in the US in April.
“From IPOs to crypto treasury stocks, crypto is booming right now, but the rally is playing out in the stock market, at valuations that even surprised industry insiders,” the article’s author, Yueqi Yang, said in a post on X.
OKX declined to comment on the reported plans when contacted by Coinpectra.
OKX about to be blocked in Thailand
OKX’s potential US IPO comes as the exchange faces regulatory pressures in Asia.
In late May, Thailand’s securities regulator, the Thai Securities and Exchange Commission, announced it would block OKX from operating in the country alongside four other exchanges, including Bybit, 1000X, CoinEx and XT.COM
“The SEC advises all investors using these platforms to take necessary action regarding their assets before the shutdown date,” the agency said.
Circle’s IPO success
An OKX IPO would follow the successful listing of Circle, the issuer of the USDC (USDC) stablecoin.
After multiple IPO upsizings in response to massive investor demand, Circle shares opened on the New York Stock Exchange at $69 on June 5. Since the public launch, the Circle stock (CRCL) had soared almost 250% by last Friday, briefly topping at $248.9.
Circle’s USDC partner, the US cryptocurrency exchange Coinbase (COIN), has been publicly trading for more than four years after its Nasdaq launch in April 2021.
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Coinbase shares closed at $308.4 last Friday, rallying nearly 30% in the past five trading days, according to TradingView. On the other hand, COIN is down 19% since its public launch.
Mining stocks are still tumbling
While Circle and Coinbase shares have seen significant gains in the past few weeks, some crypto-related stocks have continued seeing a notable slump.
Marathon Digital Holdings (MARA), the largest publicly traded Bitcoin mining company in the US, saw its shares drop from $15.6 last Monday to as low as $14.2 on June 20, according to TradingView.
Other mining companies, such as Bitfarms and Riot Blockchain, also shared the negative trend last week, with shares tumbling 7% and 3.8% in the past five trading days, respectively.
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