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Nine U.S.-listed companies, including CoreWeave, Broadcom and Verizon, have objected to tokenized versions of their shares trading on OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange. The other objectors are Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, Applied Optoelectronics and UnitedHealth Group. Eight of the nine were among 63 companies OKXICE identified as potential listings on Oct. 4.
Nasdaq also plans to opt out of having its own shares tokenized under the SEC's framework. The exchange said it does not want its stock traded on a venue that does not display best prices in real time or report to the consolidated tape. Applied Optoelectronics separately cited uncertainty around price, liquidity and volatility, along with the risk that investors could mistake an unsponsored token offering for company involvement.
Why it matters
OKXICE plans to operate under a five-year SEC innovation exemption issued Sept. 17. The framework allows a third party to tokenize U.S.-listed shares after giving the issuer 30 calendar days' notice. A timely objection blocks that venue from offering the stock, while silence allows the listing to proceed. The objection applies only to the notifying venue, so companies face a separate decision each time another platform seeks to list their shares.
The disagreement centers on whether tokenized equities should operate inside the national market system or in parallel permissioned pools. Nasdaq and Citadel Securities have warned that off-market venues could weaken price transparency and create a shadow equity market, while tokenization firms argue that an objection to one venue does not necessarily reject the technology.
Market impact
OKXICE still plans to launch dozens of U.S. stock tokens, including names such as Nvidia, Apple, Microsoft, Amazon, Tesla, JPMorgan Chase and Walmart. The venue plans to run permissioned liquidity pools on X Layer, with each stock paired against USDC, USDG or USDT. Traders must pass identity and sanctions screening and hold a non-transferable access token, but OKXICE has not given a launch date.
Frequently asked questions
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Which companies objected to tokenized shares on OKXICE?
The objectors are Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon, Applied Optoelectronics, Broadcom and UnitedHealth Group.
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Why does Nasdaq oppose tokenized trading of its shares on OKXICE?
Nasdaq cited the lack of real-time best-price display and consolidated-tape reporting on the venue. It said it remains committed to tokenization within a broader market structure.
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How does an issuer objection work under the SEC framework?
A venue must give an issuer 30 calendar days' notice before tokenizing its stock. A timely objection blocks that venue from offering the stock token, while silence allows the listing to proceed.
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What companies does OKXICE still plan to tokenize?
OKXICE said it still plans to launch trading for dozens of U.S.-listed companies, including Nvidia, Apple, Microsoft, Amazon, Alphabet, Tesla, JPMorgan Chase and Walmart.
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How large is the tokenized stock market?
Tokenized stocks totaled about $3.5 billion on Oct. 15, up from roughly $680 million at the start of the year. OKXICE plans permissioned pools on X Layer using USDC, USDG or USDT.
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