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Nvidia, Costco and Nike join 12-company wave objecting to OKXICE tokenized stocks
The new filings lift the total to 50 companies, roughly 79% of the issuers the OKX-ICE venture originally targeted for round-the-clock tokenized trading.
Key takeaways
- Largest batch yet. Twelve companies joined at once, the biggest single addition since objections began appearing on the venue's notices in October.
- Most targets are now out. Fifty of the 63 companies originally identified have objected, leaving the venture with a much smaller pool of stocks for a launch.
- Reasons unstated. The notice names the objecting issuers but gives no explanation for their decisions.
What happened
Twelve more companies have formally objected to having their shares tokenized on the trading venue planned by OKXICE, the joint venture between Intercontinental Exchange and OKX's U.S. holding company. Nvidia, Costco and Nike lead the group, which also includes Micron, CrowdStrike, Palo Alto Networks, Reddit, Hewlett Packard Enterprise, Corning, Bloom Energy, IREN and USA Rare Earth, according to an updated public notice from the venture reported by Decrypt and Bitcoin.com News.
The batch is the largest single addition so far and lifts the total number of objecting issuers to 50. The list stood at 38 in the venture's Oct. 28 notice, when Walmart and Eli Lilly were added, and at nine when the first objectors appeared on Oct. 15. It has grown more than fivefold since then.
The newcomers span several sectors. Nvidia, Micron and Corning join chip and hardware peers already on the list, while CrowdStrike and Palo Alto Networks add cybersecurity names. Costco, Nike and Reddit extend the resistance among consumer-facing businesses, and IREN, a bitcoin miner that has expanded into AI cloud computing, brings a company from the crypto industry itself. Some of the market's largest companies, including Apple, Tesla and Amazon, have not appeared on the list.
The notice identifies the companies that submitted objections but does not explain their individual motivations.
Why it matters
The objections now cover 50 of the 63 companies the venture initially identified for tokenization, or roughly 79%, representing about $25 trillion in total market capitalization, according to Bitcoin.com News. Nvidia's presence is notable given its standing among the world's most valuable listed companies and its central role in AI computing.
More than half of the objectors trade on Nasdaq, while 42% are listed on ICE's own New York Stock Exchange, Bitcoin.com News reported. For OKXICE, the expanding list means a substantially reduced selection of stocks for a launch built around continuous trading of blockchain-based versions of U.S. equities.
The objections do not necessarily signal that the companies oppose blockchain-based securities in general. They do underscore resistance to third-party tokenization of shares without the issuer's direct involvement.
What the data shows
The objector count has climbed from nine on Oct. 15 to 38 on Oct. 28 and 50 in the latest notice. Twelve companies were added in the newest batch. Of the original 63 targets, 50 have now objected, a share of about 79% that corresponds to roughly $25 trillion in market capitalization. More than half of the objectors are Nasdaq-listed, and 42% trade on the NYSE.
Background
The framework rests on temporary exemptions the Securities and Exchange Commission introduced in September, after the Clarity Act stalled in the Senate. Under the arrangement, a venue must notify a company before offering a version of its shares tokenized by an unaffiliated third party, and a written objection within 30 days blocks that stock from trading on that venue. The objection applies only to that venue.
OKXICE plans to let approved users trade tokenized U.S. stocks around the clock, with transactions running through permissioned Uniswap v4 pools on OKX's XLayer blockchain and paired with stablecoins such as USDC. Bitcoin.com News reported that tokenized securities would be backed by actual shares held through registered broker-dealers. Andrew Cuomo, an OKX board member and co-chair of OKXICE, described the SEC-backed effort at an Oct. 20 press conference as an experiment, saying companies would differ in how quickly they embrace a new trading model and questioning why U.S. equity trading should be confined to conventional market hours.
Earlier objectors included Coca-Cola, JPMorgan Chase, Dell Technologies, AMD, Adobe, Microsoft, Alphabet, Goldman Sachs, Wells Fargo, Oracle, Intel, IBM, McDonald's, Cigna, Carnival and Arcos Dorados.
What to watch
Attention may shift to Nasdaq's role. Nasdaq opted its own shares out of the exemption, and a spokesperson told The Wall Street Journal that the exchange does not want its stock trading on a venue that does not show the best prices in real time or report trades to the consolidated tape. Crypto in America reported that Nasdaq may be encouraging companies behind the scenes; an executive at a Nasdaq-listed company told the publication that a Nasdaq representative had reached out suggesting an objection.
OKXICE's notice acknowledges the venue is not subject to Regulation NMS, the rules designed to ensure investors receive the best displayed prices, and warns that broker-dealers face unresolved questions about trade reporting and best execution. How regulators and brokers address those issues will shape whether the venue can operate as intended.
Questions readers ask
Why are companies objecting?
The notice does not give reasons. Nasdaq, which opted its own shares out, told The Wall Street Journal it does not want its stock trading on a venue that does not display best prices in real time or report trades to the consolidated tape.
Does an objection stop tokenization everywhere?
No. Under the SEC framework described in the reports, an objection applies only to the venue that received it, and it must be submitted in writing within 30 days of notification.
How many companies are still in scope?
The venture originally identified 63 companies. With 50 objectors, a much smaller group remains available for the planned launch.
