OKX IPO Rumors Resurface

Recently, discussions about OKX seeking to go public have reignited, attracting widespread attention in the market. This is not the first time OKX has been rumored to have intentions to list, but this time, against the backdrop of a generally positive cryptocurrency market and the company's strategic transformation, the topic is particularly eye-catching.

Over the past year or so, during a booming cryptocurrency market, OKX seemed relatively 'inactive' in terms of listing altcoins. Instead, it invested a large amount of energy into the development of Web3 wallet services, which, compared to CEX operations, have relatively lower compliance requirements, providing OKX with the potential to explore broader growth opportunities. From the current perspective, this strategic choice by OKX is undoubtedly extremely wise.

If we turn our attention to traditional financial markets, Circle received a significant premium upon listing on Nasdaq; its market capitalization reflects market recognition of its stablecoin business and compliant operations, with a price of 260 and a PE of 329, which feels outrageous.

By analogy, if a top global cryptocurrency exchange like OKX can successfully enter the public market, its market capitalization may reach an unimaginable height.

This raises a question: what advantages does issuing stocks through an IPO have compared to issuing platform tokens?

Liquidity dilemma of platform tokens: Most platform tokens have a high degree of centralization, with liquidity primarily concentrated within their own exchanges, resulting in very limited actual liquidity available for external cashing out, often leading to a market valuation that feels like 'air value.' Although the market capitalization of most platform tokens is vast, their actual liquidity and trading volume are difficult to match.

External liquidity of stocks: Once stocks are listed, their liquidity will be entirely provided by external capital and individual investors, forming a healthier and more transparent market. More importantly, the overall liquidity of stocks related to the current cryptocurrency industry is excellent, providing investors with good exit channels.

In summary, OKX's focus on Web3 business and its strategic direction towards seeking an IPO undoubtedly demonstrate its profound insight into industry development trends.