Nvidia and Nike Join 50 Firms Objecting to OKX-ICE Stock Tokenization

OKX-ICE stock tokenization — Nvidia, Nike, and Costco are among 50 public companies that have formally objected to having their shares tokenized on the new OKXICE trading venue, as the initial 30-day opt-out window closed on Tuesday.

The objections were filed under the SEC’s ‘Innovation Exemption,’ which allows tokenized securities venues to list blockchain versions of stocks without issuer consent unless the company objects. Of the 62 companies OKXICE initially proposed to tokenize, 43 have now opted out. The venue, a joint venture between crypto exchange OKX and Intercontinental Exchange (ICE), plans to offer 24/7 trading of tokens backed one-for-one by shares.

While the objecting companies have not publicly stated reasons, the pushback has taken on a competitive dimension. An executive at a Nasdaq-listed firm claimed a Nasdaq representative urged them to object, a claim Nasdaq declined to comment on while criticizing the TSV model. Nasdaq is developing its own tokenized equity product with Kraken.

OKXICE co-chair Andrew Cuomo has characterized the objections as a ‘natural response’ to a new market structure. The SEC’s rule allows companies a single 30-day window to object after being notified; silence is interpreted as consent.