Crypto is booming right now, but the rally is playing out in the stock market rather than on crypto exchanges. Shares of stablecoin issuer Circle are up eightfold since its initial public offering just over two weeks ago, and companies that hold bitcoin are getting valuations that are surprising even to industry insiders.

Several big crypto players are considering IPOs, including OKX, one of the top three global crypto exchanges. “We will absolutely consider an IPO in the future,” Haider Rafique, chief marketing officer at OKX, said in an interview. “If we go public, it would likely be in the U.S.”