Intercontinental Exchange is moving quickly to anchor itself in the emerging market for tokenized financial assets.
The parent company of the New York Stock Exchange announced on 5 Mar that it had taken a minority stake in crypto trading platform OKX and entered into a strategic partnership to connect digital asset markets with ICE’s regulated exchange infrastructure. The investment values OKX at approximately $25bn, though financial terms were not disclosed.
The partnership gives ICE a board seat on the crypto firm and opens the door to several joint projects.
Linking crypto markets to NYSE infrastructure
Linking crypto markets to NYSE infrastructure will involve ICE launching US-regulated futures contracts tied to crypto markets using price data from OKX. At the same time, OKX is expected to give its global user base of approximately 120mn accounts access to certain markets, including futures products and a planned venue for tokenized equities linked to the New York Stock Exchange.
The initiative aligns with the "onchain" infrastructure strategy announced by the NYSE in January, which combines the exchange’s Pillar matching engine with blockchain-based settlement systems.
The arrangement effectively connects a crypto exchange with more than 120mn users to ICE’s financial infrastructure, which includes not only the New York Stock Exchange but also a global network of 12 regulated exchanges and six clearing houses across equities, commodities, and derivatives markets. ICE itself is one of the largest exchange groups in the world, reporting record annual net revenue of $9.9bn in 2025.
Tokenized stocks emerging as a priority
The investment comes just weeks after the NYSE revealed it was developing a platform to support trading and settlement of tokenized securities rather than traditional clearing cycles. ICE has said the platform could also support fractional trading and stablecoin-funded transactions while maintaining the same shareholder rights as traditional equities.
A race among exchanges to build tokenized markets
ICE’s move comes as both crypto platforms and traditional exchanges race to establish infrastructure for tokenized equities. Platforms including Robinhood and Kraken have moved beyond exploration to active deployment, targeting international users seeking 24/7 exposure to US markets.
Traditional exchanges are also moving in the same direction. Nasdaq has proposed allowing securities trades to settle either through traditional infrastructure or in tokenized form.
Traditional exchanges are also moving in the same direction. Nasdaq has proposed a rule change to enable the trading of securities in tokenized form, which would allow trades to settle either through traditional infrastructure or via a pilot program operated by the DTC. Outside the United States, the London Stock Exchange Group (LSEG) launched its Digital Settlement House (DiSH) in Jan 2026. The blockchain-compatible platform supports programmatic and instantaneous settlement of tokenized assets, including equities and bonds, using tokenized commercial bank deposits.
