Nine companies including Broadcom and Verizon opt out of OKXICE tokenized stock trading
Nine publicly traded companies have formally objected to having their shares offered as tokens on OKXICE, an equity tokenization platform run by Intercontinental Exchange and OKX.
Nine publicly traded companies—Broadcom, Verizon, CoreWeave, UnitedHealth Group, AppLovin, Applied Digital, Rocket Lab, Applied Optoelectronics, and Cerebras Systems—have submitted formal objections to prevent tokenized versions of their shares from trading on OKXICE, according to an updated public notice dated Oct. 15. The objecting companies represent a collective market capitalization of more than $2 trillion.[1][3][6]
The platform operates under a five-year Securities and Exchange Commission exemptive order issued Sept. 17 that relieves it from national exchange registration. Under the rules, an issuer must receive written notice at least 30 calendar days before trading can start, and a written objection within that period bars that venue from listing the tokenized shares. OKXICE LLC is a joint venture owned 50% by New York Stock Exchange parent Intercontinental Exchange and 50% by OKC USA, designed to offer 24/7 tokenized trading via permissioned Uniswap v4 liquidity pools on X Layer denominated against USDC, USDG, or USDT.[1][6]
While the platform notice did not specify why each firm objected, Applied Optoelectronics told The Wall Street Journal that it opted out because it could not determine how tokenization would affect its share price, liquidity, and volatility. In addition, Nasdaq stated it will opt out of having its shares tokenized under the framework. OKXICE co-chair and former New York Governor Andrew Cuomo told the WSJ he expects corporate skepticism, though the venue still plans to list dozens of other companies, including Apple, Nvidia, and Tesla.[1][2][3][4]
Key facts
- Nine companies have formally blocked tokenized trading of their shares on OKXICE: Broadcom, Verizon, CoreWeave, UnitedHealth Group, AppLovin, Applied Digital, Rocket Lab, Applied Optoelectronics, and Cerebras Systems.
- The nine objecting companies represent a combined market value exceeding $2 trillion.
- OKXICE LLC is a joint venture owned 50% by Intercontinental Exchange and 50% by OKC USA.
- Under a five-year SEC exemptive order issued Sept. 17, a company has a 30-day window following written notification to object and block its stock from trading on that venue.
- Applied Optoelectronics told The Wall Street Journal that it objected due to uncertainty over tokenization's impact on its stock price, liquidity, and volatility.
- Nasdaq stated that it will also opt out of having its own shares tokenized under the SEC framework.
- OKXICE still intends to offer dozens of tokenized stocks, including Apple, Nvidia, and Tesla, through permissioned Uniswap v4 pools on X Layer.
Sources · 6 sources
- UN
UnchainedArticle ·
Objections to ICE and OKX’s Tokenized Stock Venue Climb to Nine as Broadcom, Verizon Opt Out Nine publicly traded companies, among them Broadcom, Verizon and CoreWeave, have moved to block tokenized versions of their stock from OKXICE, the venue owned by NYSE parent Intercontinental Exchange and crypto exchange OKX , according to its public notice dated Oct. 15. The objectors are Broadcom , Verizon , CoreWeave , UnitedHealth Group , AppLovin , Applied Digital , Rocket Lab , Applied Optoelectronics and Cerebras Systems . Under the SEC’s rules, the venue can’t offer tokenized versions of any of them. The list has lengthened with each revision of the notice. The first version , dated Oct. 4, named 63 stocks OKXICE intended to offer and already recorded one objection, from Cerebras, a company that wasn’t among the 63. An Oct. 8 revision added AppLovin, Applied Digital and Rocket Lab. The Oct. 15 version brought in the remaining five. Eight of the nine had been on the original roster. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . How the Issuer Veto Works OKXICE’s legal footing is an exemptive order the SEC issued Sept. 17. It runs five years and exempts venues like this one from exchange registration. When a third party has tokenized a company’s stock, the company gets written notice first, and trading can’t begin for at least 30 calendar days . A written objection inside that window means the venue “cannot make such Tokenized NMS Stock available for trading on the TSV.” It then has five business days to update its public notice. The order itself names concerns a company might weigh, including keeping its shareholder register accurate as tokens move onchain and price gaps with the underlying stock, since an AMM pool’s price is “most likely based only on the ratio of the quantities of assets in that liquidity pool.” The OKXICE notice doesn’t say why any company objected. Applied Optoelectronics, a fiber-optic maker, reportedly told The Wall Street Journal it couldn’t gauge what tokenization would do to its share price, liquidity and volatility, and saw no clear upside “to AOI or our shareholders.” What OKXICE Plans to Run Per the notice, OKXICE will trade stocks through permissioned Uniswap v4 pools on X Layer , each denominated against USDC, USDG or USDT. Only wallets that pass identity and sanctions checks and hold a non-transferable token get in. No launch date is given. ICE and OKX unveiled the joint venture in June, with former New York Governor Andrew Cuomo as co-chair. Related Listen: How Tokenized Stocks Could Undercut Interactive Brokers’ 77% Profit Margin The post Objections to ICE and OKX’s Tokenized Stock Venue Climb to Nine as Broadcom, Verizon Opt Out appeared first on Unchained .
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Nine companies, including CoreWeave, Broadcom, Verizon and UnitedHealth, have objected to tokenized versions of their shares trading on OKXICE, the OKX-ICE joint venture. Nasdaq also says it will opt out of having its own shares tokenized under the SEC framework. https://t.co/dooml06AdN
Open source - CB
Coin Bureau@coinbureauPost on X ·
🚨SHOCKING: Broadcom, UnitedHealth, Verizon and 6 others BLOCK their stock from trading as tokens on OKXICE. OKXICE, a venture between OKX and NYSE owner Intercontinental Exchange, named 63 US stocks it planned to list as tokens. The 9 companies that objected are worth over $2 TRILLION combined. But under the SEC's new rules, an objection only blocks the venue that asked, and silence lets trading go ahead. Former New York governor Andrew Cuomo, OKXICE's co-chair, told the WSJ he expects companies to be skeptical. The venue still plans to launch dozens of stocks, including Nvidia, Apple and Tesla. Tokenized stocks are now worth about $3.5 BILLION, up from $680 MILLION at the start of the year, per The Block.
Open source - JM
Jacquelyn Melinek@jacqmelinekPost on X ·
Interesting update from the OKXICE joint venture by @OKX and @ICE_Markets At the beginning of October, they announced plans to tokenize 60+ stocks. The listed companies had 30 days to object or be opted in. According to a recent notice, 9 have formally opted out including Verizon, UnitedHealth, Broadcom and CoreWeave, among others (see below). It still plans to launch with dozens of issuers, including Nvidia, Apple and Tesla...unless they opt out as well.
Open source - TB
The BlockArticle ·
CoreWeave, Broadcom, Verizon among nine companies objecting to tokenized trading of their shares on OKXICE Applied Optoelectronics told the WSJ it objected because it was unsure how tokenization would affect its stock price, liquidity and volatility.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Nine U.S. Companies Object to Tokenized Trading of Their Shares on OKXICE According to an OKXICE public notice dated October 15, the platform has received issuer objections from nine companies — Cerebras, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon, Applied Optoelectronics, Broadcom and UnitedHealth — meaning their shares will not be offered for tokenized trading on OKXICE TSV. OKXICE LLC is 50% owned by ICE, the parent company of the New York Stock Exchange, and 50% by OKC USA, and plans to offer 24/7 tokenized U.S. equity trading through a permissioned Uniswap v4 AMM on XLayer.
Open source