United States: Commercial Activity

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## Commercial Activity Commercial dealflow in the US crypto sector was active this cycle. OKX raised an undisclosed amount at a reported $25 billion valuation, reported October 6, 2026, with participation from Ripple Labs, Circle Internet Group, Standard Chartered's SC Ventures, and QRT. The reported valuation traces to a secondary source citing Bloomberg and Reuters reporting rather than a primary filing, so the figure should be read with that sourcing limitation in mind even as the broader signal — continued institutional and TradFi participation in exchange-sector financing — is well corroborated by the named participant list. Separately, Anchorage Digital, a federally chartered digital-asset custodian, announced on October 9, 2026 its acquisition of payments company Routable, a transaction that embeds payout capabilities directly into Anchorage's custody business. This acquisition reflects a broader pattern of custody and exchange infrastructure providers integrating payments functionality rather than relying on third-party payment rails, consistent with continued convergence between crypto-native infrastructure and traditional payments capability. ## Outlook Both the OKX funding round and the Anchorage Digital/Routable acquisition point to continued consolidation and infrastructure build-out in the US crypto commercial sector. Neither transaction's full financial terms have been disclosed, and the OKX valuation in particular rests on secondary rather than primary sourcing; confirmation through a primary filing or disclosure would strengthen confidence in the reported figures.