Nvidia, Costco, Nike and Micron Technology have joined a growing group of publicly traded companies objecting to plans by cryptocurrency exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange, to launch a blockchain-based marketplace for tokenized U.S. stocks.
The latest objections bring the total to 50 companies, according to an updated public notice published on October 30 by OKXICE, the joint venture developing the platform. The new list includes 12 companies, among them CrowdStrike, Corning, IREN, USA Rare Earth, Bloom Energy, Palo Alto Networks, Reddit and Hewlett Packard Enterprise.
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Of the 62 companies initially selected by OKXICE for potential trading, 43 have now formally objected, representing approximately 69% of the original group. Seven additional companies outside the initial selection have also raised objections. The figures highlight the considerable resistance the project faces from companies whose shares could be represented in tokenized form.
The proposed marketplace is designed to allow investors to trade digital versions of U.S. stocks around the clock using stablecoins. Its development is taking place under the SEC's five-year Innovation Exemption, which permits companies to prevent their shares from being traded on certain platforms when tokenization is arranged by an unaffiliated third party.
The objections reflect concerns among traditional companies about how tokenized securities could affect their shares and market structure. While supporters point to extended trading hours and faster settlement as potential advantages, companies appear cautious about whether these features would generate meaningful benefits for shareholders or introduce risks through trading outside established stock market channels.
Andrew Cuomo, OKXICE's co-chairman and former New York governor, said the initiative remains at an early stage. He suggested that more companies could become interested as tokenization becomes better understood and its potential benefits become clearer.
Meanwhile, 19 companies from the original selection have no disclosed objections as of October 30. The list includes Apple, Amazon, Tesla, Netflix, Palantir, Strategy, Robinhood, Coinbase, Circle and SoFi Technologies, alongside several other companies.
However, the absence of an objection should not be interpreted as formal endorsement or confirmation that a company's shares will be available when the platform launches. Securitize and BitGo, two companies included in the original selection, have previously indicated that they do not plan to object.
The growing resistance presents a significant challenge for OKX and ICE as they attempt to bring traditional equities into blockchain-based trading infrastructure. The project's prospects will depend not only on regulatory arrangements and technical execution, but also on whether publicly traded companies become comfortable with having digital representations of their shares traded through a new marketplace.
