TLDR
- Nine U.S.-listed companies have objected to tokenized versions of their shares trading on OKXICE, a joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange.
- The objections remove about 14% of the 63 stocks OKXICE planned to offer.
- Applied Optoelectronics cited uncertainty over price, liquidity and volatility.
- Nasdaq said it will opt out of having its own shares tokenized under the SEC’s framework.
- Tokenized stocks were worth about $3.5 billion as of Oct. 15, up from about $680 million at the start of the year.
Nine U.S.-listed companies have objected to having tokenized versions of their shares trade on OKXICE. OKXICE is a joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange.
🇺🇸 Nine US-listed companies, including CoreWeave ($CRWV), Broadcom and Verizon, have objected to tokenised versions of their shares trading on OKXICE, the OKX–ICE joint venture.
Under the US Securities and Exchange Commission (SEC) innovation exemption, issuers have 30 days… pic.twitter.com/EMQ12DbrZc
— Measera (@measeracom) October 18, 2026
The objections come from CoreWeave, Broadcom, Verizon and UnitedHealth Group. Cerebras Systems, AppLovin, Applied Digital, Rocket Lab and Applied Optoelectronics also objected, according to a public notice from the venue.
Eight of the nine were among the 63 stocks OKXICE named on Oct. 4. That removes about 14% of the planned list. Cerebras was not on that list.
OKXICE told the Wall Street Journal it still plans to offer dozens of stocks. These include Nvidia, Apple, Microsoft, Amazon, Alphabet, Tesla, JPMorgan Chase and Walmart.
Why Companies Are Objecting
Applied Optoelectronics said the framework is new and its effect on pricing, liquidity and volatility is unclear. A spokeswoman said the company saw no clear benefit for its shareholders.
She also said the company did not want investors to think it had endorsed the offering. The notice itself does not give reasons for any of the objections.
The other eight companies did not immediately respond to requests for comment. OKX declined to comment, and ICE did not immediately respond.
Nasdaq said it will opt out of having its own shares tokenized under the framework. It does not want its shares on a venue that does not show best prices in real time or report to the consolidated tape.
OKXICE co-chair Andrew Cuomo said earlier this month that objections were expected. He said some companies will join and others will wait and see.
How the SEC Process Works
The SEC issued a five-year innovation exemption on Sept. 17. It lets tokenized securities venues trade tokenized versions of U.S.-listed stocks without registering as exchanges.
When a third party tokenizes a stock, the venue must notify the company at least 30 days before trading begins. The company then has 30 days to file an objection.
A timely objection bars that venue from offering the stock token. Silence means the listing may proceed, and each new venue starts its own 30-day clock.
OKXICE plans to run permissioned liquidity pools on X Layer, a layer-2 network. Each stock would be paired against USDC, USDG or USDT, and traders must pass identity and sanctions checks. No launch date has been given.
AMC Entertainment has separately criticized Robinhood’s stock tokens, which Robinhood describes as debt securities issued by an offshore affiliate. A Robinhood executive called the criticism mostly a marketing stunt.
Other tokenization projects do not need company approval. SEC staff gave the Depository Trust & Clearing Corp. a no-action letter last year, and Nasdaq is taking part in that project.
Morgan Stanley expects to support tokenized equities in the first quarter of 2027. The value of tokenized stocks was about $3.5 billion as of Oct. 15, up from about $680 million at the start of the year, according to The Block.
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