Intercontinental Exchange, the parent company of the New York Stock Exchange, has made a strategic investment in cryptocurrency exchange OKX as part of a broader partnership aimed at launching tokenized stocks and new crypto derivatives products.

The deal values OKX at $25 billion, according to a joint announcement by the companies. Financial terms of the investment were not disclosed.

The development is notable from a Malta perspective, as OKX operates under a licence issued by the Malta Financial Services Authority (MFSA), positioning the partnership as another example of a Malta-regulated digital asset company attracting major global financial institutions.

Under the agreement, ICE will license OKX’s spot crypto pricing data to support the launch of new crypto futures products. In return, OKX will offer ICE futures contracts and tokenized equities to its customers in the United States.

ICE will also obtain a seat on OKX’s board of directors and collaborate with the company on a range of infrastructure initiatives, including blockchain-based market technology, clearing and risk management tools, and multi-chain custody systems.

The partnership reflects a growing convergence between traditional financial markets and digital assets, particularly around tokenized securities — digital representations of traditional financial instruments recorded on blockchain networks.

ICE chairman and chief executive Jeffrey C. Sprecher said the collaboration is intended to expand access to regulated markets while accelerating the company’s strategy to bring tokenized financial assets to investors.

OKX founder Star Xu described the relationship as an effort to bridge traditional equities markets with digital asset trading infrastructure.

Market reaction was swift. OKX’s native cryptocurrency token, OKB, surged roughly 50% following news of the agreement.

The move is not ICE’s first involvement in digital assets. The exchange operator previously backed crypto trading platform Bakkt and recently invested $2 billion in prediction market platform Polymarket, valuing that business at up to $10 billion.

As large financial institutions increasingly explore blockchain-based financial products, partnerships such as the ICE-OKX deal highlight how the lines between traditional exchanges and crypto infrastructure continue to blur.