OKX has decided not to rush its U.S. initial publicoffering, saying it will only take the step when it can guarantee long-termshareholder value. The exchange, recently valued at $25 billion after a dealtied to the New York Stock Exchange’s parent company, Intercontinental Exchange(ICE), plans to focus on building growth and stability first.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Recently, Kraken also paused its long-discussed initial public offering, adding to the list of major crypto firms that are stepping back from public market ambitions amid uncertainty.Executives Urge Patience Before ListingSpeaking at the Digital Asset Summit in New York, as reported by Coinbase, OKXGeneral Manager and Chief Marketing Officer Haider Rafique said the companywould list only when confident of delivering sustainable returns. “We will gopublic when we have confidence that we can give back shareholder value,” hesaid. “If we are not confident that we can do that, there’s no desire to gointo the public markets.”Rafique said the company intentionally priced its latestvaluation conservatively to support future performance. “I think we didunderprice ourselves when you look at our revenue growth, our licenses, and ourassets. That was very intentional,” he noted.He added that past listings such as Coinbase’s have shownthe risks of entering public markets too early, citing their share pricedecline since debut. “I bought one share… and that one share is at a negative50% return,” Rafique said. “That’s not a good thing. That’s actually bad forthe category.”Read more: Kraken Halts IPO Plans as Weak Market Dents Crypto Valuations: Report Kraken, which had previously explored a multibillion-dollar listing, reportedly decided to freeze its IPO plans as market conditions deteriorated and investor appetite for crypto-exposed equities weakenedBuilding Scale Before Market EntryFounded in Asia, OKX has grown into one of the largestglobal crypto exchanges, particularly in derivatives trading. Rafique said thefirm’s international footprint across Europe, Latin America, and Asia gives ita liquidity advantage, with a unified order book attracting cross-regionaltrade.The company’s partnership with ICE is also expected tosupport development of blockchain-based infrastructure for tokenized assets.OKX aims to play a role in bringing traditional products like equities ontoblockchain networks in the future.Crypto IPO activity has been stop‑start overthe past cycle: Coinbase’s 2021 direct listing remains theflagship exchange IPO, with other listed crypto plays coming mostly from minersand infrastructure names, such as Iris Energy in 2021, Bitdeer in 2023, andSPAC-style deals like Bakkt’s NYSElisting via VPC Impact Acquisition. More recently, IPO talk has shifted to a pipeline ratherthan completed deals, with firms like Circle, eToro, Gemini, BitGo, Consensys,and Kraken variously filing, exploring, or preparing listings—many of whichhave been delayed or reshaped as markets turned.This article was written by Jared Kirui at www.financemagnates.com.