A planned market for tokenized versions of major U.S. shares has encountered broad corporate resistance, with 56 companies objecting to inclusion in the OKXICE program and leaving 13 named issuers that had not filed objections, according to a Nov. 2 notice from the venture.
The objections cover companies including Amazon, Tesla, Nvidia and SpaceX, the notice said. OKXICE had initially referred to a universe of 62 companies, and said the objecting issuers accounted for about 90% of that group. The companies were said to represent more than $31 trillion in combined market capitalization, equal to roughly 42% of the U.S. equity market.
The response sharply limits the range of recognizable U.S. corporate names that could be represented in the project's first tokenized-stock rollout. OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, plans to issue stock tokens on its X Layer blockchain network.
Under the Securities and Exchange Commission innovation-exemption process described by OKXICE, a listed company can object to a non-affiliated token platform within 30 days of receiving written notice. The window is tied to the date each issuer receives that notice, meaning deadlines can vary between companies.
Thirteen companies remain on the list
The companies identified by OKXICE as not having objected were Apple, Strategy, Robinhood, Coinbase, Palantir, Circle, Securitize, BitGo, ServiceNow, GE Vernova, Boeing, Home Depot and Super Micro Computer.
Securitize and BitGo had previously indicated that they did not expect to object, according to the materials. Several of the remaining companies are closely connected to the digital-asset sector, including Coinbase, Circle, Robinhood and Strategy, formerly known as MicroStrategy.
That composition could leave the initial product with a distinctly crypto-adjacent profile rather than the broad representation of large U.S. public companies contemplated in the venture's early plans. Apple, Boeing, Home Depot and ServiceNow would be among the better-known traditional corporate names in the remaining group.
OKXICE first disclosed the proposal on Oct. 4. If written notices were delivered to issuers on that date, the first 30-day objection period would have concluded on Nov. 3. The project said the timing depends on when each company received its notice.
Companies focus on fragmented markets
The companies that objected raised concerns over fragmented liquidity, price formation and visibility into trading activity, according to the notice. Tokenized shares can trade on separate venues, with their own order books, operating hours and levels of market depth.
That differs from the structure used by conventional U.S. equity markets, where trading and market data are routed through established exchange, clearing and reporting systems. A separate token market could produce a quoted price for a company's token that diverges from the price of its conventional shares, particularly when trading volumes are thin.
Issuers also expressed concern that activity in tokenized versions of their stock may sit outside consolidated market-data feeds. That could make it harder for a company to monitor aggregate activity connected to its name and to assess whether unusual moves reflect genuine demand for its shares or short-lived volatility in a smaller token venue.
Stephen Wink, global co-chair of the financial technology industry group at law firm Latham, has warned that low trading volume in tokenized equity markets can create price dislocations. A mismatch between the token price and the underlying stock could send misleading market signals, especially if the token trades during hours when U.S. exchanges are closed.
The objections reflect a practical governance issue for listed companies. Public issuers closely manage shareholder records, proxy voting, corporate actions and market communications. A third-party token representing an economic exposure to a company's shares can introduce uncertainty over how those functions would operate if trading activity develops outside the systems issuers already use.
Nasdaq pursues a more integrated model
Nasdaq has taken a different approach to equity tokenization. The exchange has exited the TSV tokenization operating framework and is developing Nasdaq Equity Token with Payward, the parent company of Kraken.
Nasdaq's proposed structure would use the same CUSIP identifier as the conventional share, trade through the same order book and settle through a Depository Trust Company pilot. CUSIPs are identifiers used to distinguish securities in U.S. markets.
Adena Friedman, chief executive of Nasdaq, said during the company's third-quarter earnings call that Nasdaq Equity Token is planned for launch in the first half of 2027. The model aims to keep tokenized trading within familiar market infrastructure, including issuer ownership records, customer identification processes and proxy arrangements.
The contrast places pressure on standalone token platforms to show how their products would preserve market integrity without creating a parallel pool of trading activity detached from the primary equity market. Tokenization can offer around-the-clock transferability and blockchain-based settlement features, but the corporate objections show that those features alone may not satisfy issuers concerned about control and oversight.
Derivatives fight adds another front
The debate is widening beyond tokenized spot equities. The Commodity Futures Trading Commission approved U.S. stock perpetual contracts for trading on regulated U.S. exchanges on Nov. 3, opening a path for perpetual futures linked to stocks.
Citadel Securities and the Chicago Board Options Exchange subsequently filed a federal lawsuit challenging that decision, according to the materials. The legal dispute adds another layer of uncertainty around how U.S. authorities will treat products that extend equity-market exposure into continuous or crypto-style trading formats.
For OKXICE, the immediate hurdle is more basic: attracting enough issuer participation to support a credible tokenized-share market. With many of the largest companies in its originally referenced universe objecting, the venture faces a narrower launch set and renewed scrutiny over whether tokenized equities can operate outside established exchange and clearing rails.
Curious how stock tokens work in practice? Explore tokenized equities and their impact on traditional markets.
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