How is the progress of OKX's listing and can it become a breakthrough point for catalyzing the rise of OKB? Conclusion placed at the front I believe that without the introduction of third-party independent institutions, OKB will fall below $100 and enter a free trading state. As an OKB holder, I sincerely hope that I am wrong —————— Too long to read: cannot 1. There is no hope of going public in 25 years, and the market currently expects an IPO after Q2 26 As a private company, OKX has not publicly disclosed detailed audited financial reports (such as EBITDA, net loss details). Preparation is required from June to December, and OKX announced its IPO idea in June (only 5 months have passed so far). 3. OKX IPO has a high probability of success —————— As of November 9, 2025, OKX's IPO process in the United States is still in the exploration and evaluation stage, and there has been no official filing or timetable announced yet. The plan was first reported by the media in June 2025, but subsequent progress has not been disclosed, mainly influenced by regulatory environment, market fluctuations, and internal preparations. August October 2025: OKX conducts token burning and X Layer public chain upgrade, considered a potential IPO, optimizing asset structure to comply with US securities regulations. The US securities law requires disclosure of at least 3 years of historical financial data, including quarterly/annual revenue, liabilities, and risk factors, prior to an IPO. Currently, only third-party estimates (such as PitchBook showing unknown current income) are used, which is considered the biggest obstacle and may require an additional 6-12 months of preparation. (As of now, I am preparing to come for 5 months) —————— Potential obstacles to OKX listing: 1. Regulatory review: The US SEC and CFTC have strict requirements for cryptocurrency exchange IPOs, especially whether tokens are considered securities. OKX needs to further adjust its OKB role to avoid compliance risks. This is also the core reason why @ star_okx avoids suspicion of OKB 2. Asian market pressure: such as regulatory bans in Thailand, which may divert resources and affect US plans. —————— And what about Kraken, which has a faster process? Simple version: 1. Complete the final financing valuation of 15B before the IPO from July to September (OKX's latest disclosed financing was in December 2017) Announcement of Q3 financial report in October, strengthening IPO preparation (OKX has not yet disclosed) Kraken's secondary market stock trading is active, with a stock price of approximately $45 per share and an implied valuation of over $15 billion. (OKX shares have not yet been traded on the secondary market) The expected Kraken IPO with faster progress is Q1 26, and OKX is likely to be later than Kraken —————— Kraken Key Milestones and Background In March 2025, the SEC officially dropped its lawsuit against Kraken (originally accusing it of operating as an unregistered stock exchange), marking the removal of regulatory barriers. The company has begun public discussions on the possibility of an IPO, with Bloomberg reporting that Kraken plans to go public in Q1 2026, benefiting from the Trump administration's more favorable cryptocurrency policies. 2. April June 2025: Kraken expands its business to stock and ETF trading, launches tokenized equity products, and explores up to $1 billion in debt financing to enhance liquidity. 3. July September 2025: Kraken completes a $500 million Series C financing, with a valuation of $15 billion (later reported to be further raised to $20 billion in negotiations). This is considered as the 'final financing' before IPO, used to optimize platform and institutional services. 4. October 2025: Q3 financial report released, with revenue reaching 648 million US dollars (+114% year-on-year), adjusted EBITDA of 178.6 million US dollars (+124% quarter on quarter), and transaction volume of 561.9 billion US dollars (+106%). These strong data strengthen IPO preparations, with platform assets exceeding $43 billion and user accounts growing by 37%. ————— Summary: OKX is likely to be launched on June 26th, Q3, and Q4 There are several major Milestones worth paying attention to (which are also favorable timing for OKB): 1. The timing of OKX's financial statement release 2. Is OKX raising funds in the primary capital market? (Friends in New York should be able to hear some news about this) OKX has seen stock trading on the secondary market But OKB must inevitably decouple from OKX. ———— Will listing be related to OKB? I think OKB will rise together with the IPO when it goes public. But to avoid suspicion, OKB and OKX stocks will announce their separation after the IPO, and OKB will continue to enter a state of free trading. ———— Will you sell OKB after reading it?