CoreWeave, Broadcom, Verizon Among Nine US-Listed Companies Objecting to Tokenized Stocks on OKXICE
Key Takeaways
- •Nine U.S.-listed companies, including CoreWeave, Broadcom, Verizon and UnitedHealth Group, filed formal objections that bar OKXICE from offering tokenized versions of their shares.
- •The objections removed about 14% of the 63-stock lineup OKXICE announced on Oct. 4, though the venue still plans to list dozens of stocks such as Nvidia, Apple, Microsoft and Tesla.
- •Under the SEC's five-year innovation exemption issued Sept. 17, tokenized securities venues can trade U.S.-listed stocks without registering as exchanges, while issuers get a 30-day window to object to each venue individually.
- •Applied Optoelectronics, the only objecting company to explain its decision, cited uncertainty about the framework's effects on pricing, liquidity and volatility and said it saw no clear benefit for shareholders.
- •Tokenized stocks grew more than fivefold in value this year to about $3.5 billion as of Oct. 15, and Nasdaq opted out of tokenizing its own shares, citing the venue's lack of real-time best-price display and consolidated tape reporting.
Nine U.S.-listed companies, including CoreWeave, Broadcom and Verizon, have formally objected to tokenized versions of their shares — blockchain-based representations of listed stock — trading on OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange.
The objections were filed by CoreWeave, Broadcom, Verizon and UnitedHealth Group, along with Cerebras Systems, AppLovin, Applied Digital, Rocket Lab and Applied Optoelectronics, according to a public notice from the venue. Eight of the nine companies were among the 63 stocks OKXICE named on Oct. 4 — a withdrawal that strips about 14% from the planned lineup. Cerebras Systems was not on that list.
🇺🇸 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
The pushback comes as tokenized equities expand quickly. Tokenized stocks were worth about $3.5 billion as of Oct. 15, up from roughly $680 million at the start of the year — a more than fivefold increase — according to The Block.
OKXICE told the Wall Street Journal it still plans to offer dozens of stocks despite the withdrawals. The remaining lineup includes Nvidia, Apple, Microsoft, Amazon, Alphabet, Tesla, JPMorgan Chase and Walmart.
Why the Companies Are Objecting
Applied Optoelectronics said the framework is new and that its effect on pricing, liquidity and volatility remains unclear. A spokeswoman for the company said it saw no clear benefit for its shareholders, adding that it did not want investors to think it had endorsed the offering. Of the nine, only Applied Optoelectronics has explained its reasoning so far.
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.
Exchange operator 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, which aggregates the best available prices across U.S. exchanges. The opt-out underscores that the framework's choices reach beyond the nine filers to exchange operators themselves.
OKXICE co-chair Andrew Cuomo, the former New York governor, said earlier this month that objections were expected. He said some companies will join while others will wait and see.
How the SEC Process Works
The SEC issued a five-year innovation exemption on Sept. 17. The relief allows tokenized securities venues to trade tokenized versions of U.S.-listed stocks without registering as exchanges.
When a party tokenizes a stock, the venue must notify the company at least 30 days before trading begins. The issuer then has 30 days to file an objection, and a timely filing bars that venue from offering the stock token. Silence means the listing may proceed. Each new venue starts its own 30-day clock, meaning a company that does not object to one platform can still block the same token on another — the mechanism that turned the nine filings into withdrawals from OKXICE's planned lineup.
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, and companies that stay silent today can still object when future venues start their own clocks.
Wider Tokenization
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 — a structural difference from the exemption framework, where issuer consent decides each listing. SEC staff gave the Depository Trust & Clearing Corp. a no-action letter last year, and Nasdaq is taking part in that project. No-action relief means SEC staff will not recommend enforcement action over the covered activity. Morgan Stanley expects to support tokenized equities in the first quarter of 2027. Back on OKXICE, the notice leaves key questions open: why the other eight companies objected, and when the venue will launch.
