OKXICE, the tokenized-stock venue owned equally by Intercontinental Exchange (ICE) and OKX-affiliated OKC USA Holding, has received objections from nine issuers, its public notice dated 15 Oct shows: Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon, Applied Optoelectronics, Broadcom and UnitedHealth Group. CryptoWatchDesk last touched the SEC exemption behind such venues on 9 Oct, when Orca and Loopscale said their merged company would build one.
The opt-out is being used, and the list grows with each revision. CryptoWatchDesk compared the three versions of the notice on OKX’s site. The 4 Oct version named 63 stocks and one objector, Cerebras, which was not on that list. By 8 Oct there were four objectors and the named list was gone. Eight of the nine objectors were among the original 63.
| Notice | Objecting issuers | Named stock list |
|---|---|---|
| 4 Oct | 1: Cerebras | 63 stocks |
| 8 Oct | 4: adds AppLovin, Applied Digital, Rocket Lab | Removed |
| 15 Oct | 9: adds CoreWeave, Verizon, Applied Optoelectronics, Broadcom, UnitedHealth | None |
Source: OKXICE TSV public notices, CryptoWatchDesk comparison.
The rule comes from the SEC’s 17 Sep order, published in the Federal Register on 22 Sep. A venue trading stock tokenized by an unaffiliated third party must notify the issuer and wait at least 30 calendar days; if the issuer objects in time, “the TSV cannot make such Tokenized NMS Stock available for trading on the TSV.” Silence counts as consent, Latham & Watkins noted, and an objection binds only the venue that sent the notice, according to Nasdaq.
The notice gives no reasons. Applied Optoelectronics told The Wall Street Journal it could not tell what tokenized trading would do to its share price, liquidity or volatility, The Block reported. Nasdaq has said it intends to opt its own shares out of such venues. The IMF has found tokenized stocks about 1.5 times as volatile as traditional shares. OKXICE still intends to list dozens of companies, among them Nvidia, Apple and Microsoft, it told the Journal.
Each token is to be backed one-for-one by shares held through a broker-dealer, the model described in our guide to tokenized stocks. Trading will run through permissioned Uniswap v4 pools on X Layer, paired with USDC, USDG or USDT, the notice says. For Tier 1 stocks, broadly the S&P 500 and Russell 1000, the exemption allows a venue 75 symbols and 0.25% of each stock’s prior-month average daily volume. It does not cover synthetic exposure such as the chip-stock perpetuals that lost up to 7% in minutes on Saturday. The notice gives no launch date.
This article is for information only and is not investment advice.