Objections to OKXICE tokenized stocks rise to 50 companies, incl. Nvidia
Fifty companies, including Nvidia, Nike and JPMorgan, have objected to tokenized trading of their shares on OKX and ICE's joint venture, OKXICE.
The number of companies objecting to tokenized trading of their shares on OKXICE has reached 50, according to reports from U.Today, Wu Blockchain and The Defiant. OKXICE is a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Nvidia, Micron, Nike, Costco and Reddit are among the latest names to object, according to Wu Blockchain and U.Today.
Who has objected so far
U.Today, citing the venue's most recent public notice, said the total stood at 50 as of Oct. 30. That is up from 38 on Oct. 28, meaning 12 more companies objected in two days.
Besides the five names above, U.Today listed CrowdStrike, Corning, Bloom Energy, IREN, USA Rare Earth, Palo Alto Networks and Hewlett Packard Enterprise among recent objectors. It also named financial firms JPMorgan Chase, Goldman Sachs and Wells Fargo. Walmart, Coca-Cola, McDonald's, Eli Lilly, Adobe and Dell Technologies were also listed.
Counts differ slightly between sources
The sources do not fully agree on the size of the original lineup. Wu Blockchain said OKXICE first planned to offer tokenized trading in shares of 62 companies. The Defiant referred to 63 originally proposed stock symbols.
The Defiant also framed the tally differently. It said disclosed objections cover 44 of those 63 symbols, which leaves 19 with no disclosed opt-out. The summaries do not say why a count of 50 companies and a count of 44 symbols differ, so the figures may be measuring different things.
How the exemption works
The venue is relying on a temporary conditional exemption issued by the US Securities and Exchange Commission on Sept. 17, according to U.Today. Under it, Wu Blockchain reported, an issuer can submit a written objection within 30 calendar days of receiving notice. An objection blocks tokenized versions of its shares, issued by an unaffiliated third party, from trading on the venue.
U.Today said each partner owns 50% of OKXICE. It described the aim as letting eligible investors trade blockchain tokens that represent ownership interests in US stocks, with the platform running 24 hours a day, seven days a week.
Why it matters and what to watch
For traders, the objections shrink the pool of stocks that can be offered on the venue under this exemption. Based on The Defiant's count, 19 symbols have no disclosed objection, though that may change as notice windows run out.
The next things to watch are updates to the public notice and whether the total keeps climbing. Traders should also watch how many symbols are left once the 30-day periods end. The sources do not say when OKXICE plans to launch trading or which stocks will be offered.
Sources
- OKXICE Stock-Token Objections Reach 50, Including Nvidia The Defiant
- Issuer Objections to OKXICE Tokenized Stocks Expand to 50 Companies Wu Blockchain
- Nvidia, Nike and 48 Other Companies Oppose OKX Stock Tokenization Plan U.Today
Written with AI assistance from the sources above and checked against them. Not investment advice.