Circle Internet Backs OKX at $25B Valuation
Circle Internet shares rose following its investment in crypto exchange OKX as the stablecoin issuer moves toward tokenized stock trading.
Circle Internet Group shares rose 4.54% to $84.51 following its participation in a funding round valuing cryptocurrency exchange OKX at $25 billion. The stablecoin issuer joined the round alongside Ripple and Standard Chartered as OKX seeks regulatory clearance to trade tokenized stocks.
Market Context
Instant Telegram notifications for large on-chain moves.
- Circle shares traded within a day range of $80.40 to $87.58, with a volume of 12,952,018.
- Coinbase Global stock rose 6% to $181.91, while Strategy gained 3% to $156.40.
- Benchmark funds trailed the operating companies, with the iShares Bitcoin Trust ETF up 1% and the SPDR S&P 500 ETF Trust up 0.5%.
Business Models
Circle issues the USDC stablecoin, earning income primarily from reserve yields. Coinbase earns on transaction volumes, and Strategy holds cryptocurrency directly on its balance sheet. The OKX investment positions Circle closer to a venue combining conventional equities and blockchain settlement, though the strategic value depends on regulatory approval for tokenized stock trading.
Source: 247wallst.com
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