Brief
- Twelve other companies, including Nvidia, Costco and Nike, objected to trading of their shares on OKXICE TSV, according to its Oct. 30 notice, the largest lot to date.
- The total grew from nine on Oct. 15 to 50, spanning technology, finance, retail, healthcare and energy.
- Under the SEC’s innovation exemption, a timely objection prevents the site from listing a third-party tokenized version of a company.
Even Nvidia doesn’t want its shares in OKX and ICE’s planned token stock platform.
The chipmaker is among 12 new companies listed as objecting issuers in an updated notice from OKXICE TSV dated Friday. The others are Costco, Nike, Micron, CrowdStrike, Palo Alto Networks, Reddit, Hewlett Packard Enterprise, Corning, Bloom Energy, IREN and USA Rare Earth. These additions bring the total to 50 companies.
This is the largest prize ever made. The list stood at 38 in the October 28 notice, when Walmart and Eli Lilly joined, and at nine when the first opponents appeared on October 15. It has more than quintupled since then.
The new arrivals span chips, cybersecurity, retail and energy. Nvidia, Micron and Corning join hardware peers such as AMD, Intel and Broadcom, while CrowdStrike and Palo Alto Networks add cybersecurity heavyweights to the list. IREN, a Bitcoin miner that has expanded into AI cloud computing, is adding a name from the crypto industry itself.
Under the SEC’s innovation exemption, which the agency unveiled in September after the Clarity Act stalled in the Senate, a venue must notify a company before offering a version of its shares tokenized by an unaffiliated third party. If the company objects in writing within 30 days, the platform cannot make these shares available for trading, according to the SEC order. The objection applies only to this place.
OKXICE TSV, a 50/50 joint venture between NYSE owner Intercontinental Exchange and OKX’s U.S. holding company, plans to allow authorized users to trade tokenized U.S. stocks 24 hours a day. Transactions would occur through permissioned Uniswap v4 pools on OKX’s XLayer blockchain, paired with stablecoins such as USDC.
BitcoinBTC · USD
$77,008− 3.58 %
October 26October 28October 30November 1November 2
$81.8k$80.1k$78.4k$76.7k
24 hours maximumHigh$78,728
24h lowWeak$76,783
FlightFlight$959.1 million
→None of the opposing companies explained their decision, but Nasdaq offered a possible explanation when it removed its own shares from the exemption.
A spokesperson said The Wall Street Journal that Nasdaq does not want its shares traded on a site that does not display the best prices in real time and that does not report transactions on the consolidated tape.
Further away, Crypto in America reported that Nasdaq may play a behind-the-scenes role in encouraging companies to withdraw from the OKX-ICE project. “Our Nasdaq representative contacted us about the OKX listing, suggesting that we should object to it and that they would set up a call to discuss the reasons,” an executive from a Nasdaq-listed company told the publication. “Nasdaq is certainly partly behind this,” the executive was quoted as saying.
OKXICE’s notice acknowledges that it is not subject to NMS regulations, the rules designed to ensure investors get the best advertised prices. He also warns that brokers face unresolved questions regarding trade reporting and best execution on the platform.
Some of the biggest names in the market, including Apple, Tesla and Amazon, are still not on the list.
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