Intercontinental Exchange (ICE), the operator of the New York Stock Exchange, has made a strategic investment in crypto exchange OKX at a $25 billion valuation – one of the most significant moves yet by a legacy financial infrastructure provider into digital assets.

The deal announced Thursday goes beyond a passive stake. ICE will take a board seat at OKX and the two firms will pursue a sweeping collaboration spanning futures products, tokenized equities, custody, and clearing infrastructure.

“Our strategic relationship with OKX will expand global retail access to ICE’s pre-eminent regulated markets and accelerate our plans to offer on-chain infrastructure and tokenized assets to U.S. investors,” said Jeffrey Sprecher, ICE’s…