A whirlwind week in crypto saw OKX prepping for a potential US IPO, Bybit restructuring its C-suite and skyrocketing activity on Kraken’s Layer 2 project Ink.
In a week that underscored just how quickly the winds shift in the centralized crypto exchange (CEX) space, major players like OKX, Bybit, Coinbase, and Kraken made power moves across IPO ambitions, C-suite shakeups, and Layer 2 competition.
OKX Eyes Wall Street
Just months after re-entering the US market following a $505 million settlement with the DoJ, OKX is reportedly planning to go public in the United States. The exchange, now headquartered regionally in San Jose, sees the IPO as a strategic step to expand operations.
According to journalist Yueqi Yang, the IPO buzz marks a broader shift in regulatory sentiment, suggesting that US authorities may be more receptive to crypto firms under Donald Trump.
OKX, one of the top three global crypto exchanges, will consider an IPO in the U.S., after relaunching in the U.S. in April.
From IPOs to crypto treasury stocks, crypto is booming right now, but the rally is playing out in the stock market, at valuations that even surprised…
— Yueqi Yang (@Yueqi_Yang) June 22, 2025
OKX’s reboot has been aggressive. It hired Roshan Robert, a seasoned executive from Morgan Stanley and Barclays, to lead its US expansion.
With nearly 500 staff spread across New York, San Francisco, and San Jose, OKX is clearly investing heavily to establish dominance in the American financial ecosystem.
This push follows Circle’s blockbuster IPO. The stablecoin issuer’s debut on the NYSE saw its stock gain nearly 300%.
Bybit CTO Exits
While OKX plans to go public, Bybit is managing a major shake-up. According to WuBlockchain, the exchange has promoted its COO Helen Liu, who brings extensive leadership experience from Nokia and Microsoft, to co-CEO.
Exclusive: Bybit, the world’s second-largest offshore cryptocurrency exchange, has promoted its COO Helen to co-CEO, three insiders confirmed to WuBlockchain. Helen previously served as HR Director of the Global Supply Chain Division at Nokia and HR Director of Microsoft’s Asia…
— Wu Blockchain (@WuBlockchain) June 23, 2025
On the other hand, Bybit’s long-time CTO, Rockman, has departed. The exchange is now hunting for a replacement, who will report directly to Liu.
The internal letter also pointed out that Bybit’s current CTO Rockman has chosen to leave, and the future CTO will report to Helen Liu. Bybit is looking for the next CTO.
— Wu Blockchain (@WuBlockchain) June 23, 2025
Kraken’s Ink Makes a Splash
Kraken’s Layer 2 project, Ink, is generating buzz ahead of its upcoming INK token rollout. Built on Optimism’s Superchain, Ink has seen daily transactions surpass 500,000, and the number of active contracts nearly doubled in June.
The INK token supply is fixed at 1 billion and a community airdrop via Aave AAVE $256.8 24h volatility: 13.1% Market cap: $3.89 B Vol. 24h: $727.39 M liquidity pools has been unveiled. However, with less than $8 million in total value locked, Ink still lags behind rivals like Coinbase’s Base.
The upcoming token will serve liquidity and incentivization purposes, not governance.
Coinbase Solidifies Europe Stronghold
Coinbase, the first major US exchange to go public, is expanding its regulatory presence by securing a Markets in Crypto-Assets (MiCA) license in Luxembourg, making it its official European hub.
This license enables Coinbase to offer its full suite of crypto services across all 27 EU member states under a unified regulatory umbrella.
The move consolidates Coinbase’s prior licensing efforts in Germany, France, and several other European nations. With MiCA now fully in effect, Coinbase is ahead of peers like Gemini, which is still awaiting its license approval in Malta.
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