50 companies keep their shares off OKX and ICE's tokenised venue
Why it matters
Round-the-clock tokenised stock trading needs the companies behind the shares on board, and most of the first picks are saying no. If you plan to offer clients 24/7 digital shares, expect a short list of names for now.
The short version
Fifty companies, including Nvidia, Costco and Nike, have objected to their shares trading on OKXICE, a planned round-the-clock tokenised stock venue from OKX and NYSE owner ICE, CoinDesk reported on 2 November. That includes 43 of the 62 firms first picked. Apple, Amazon and Tesla have not objected.
OKX and Intercontinental Exchange, the company that owns the New York Stock Exchange, are building a joint venture called OKXICE. The idea: trade digital copies of US shares around the clock and pay in stablecoins.
There's a catch. Under the SEC's five-year Innovation Exemption, a company can block its shares from such a venue when an unaffiliated party creates the tokens. Many are doing just that.
The latest notice, filed on 30 October, added 12 names, including Nvidia, Costco, Micron, CrowdStrike, Nike and Palo Alto Networks. That takes objectors to 50, according to CoinDesk's count. Of the 62 companies first chosen, 43 have said no, about 69%. JPMorgan Chase objected earlier.
Nineteen of the original picks have not objected, among them Apple, Amazon, Tesla, Netflix and Coinbase. CoinDesk cautions that staying silent is not the same as backing the venue, and venues have up to five business days to publish objections, so the list can lag.
Companies have 30 days from receiving notice to respond. For those notified on 4 October, that runs out around 3 November.
Andrew Cuomo, OKXICE's co-chair, told CoinDesk he expects more companies to take part over time.
Where this comes from
Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.