ICE And OKX's Tokenized Stock Venue Hits A Wall As Nvidia, Nike Join Growing List Of Objectors

• Nvidia and Nike are among the latest companies to object to tokenized versions of their shares trading on the ICE-OKX venue, bringing the total to 50, according to Eleanor Terrett.
• The venture had initially proposed tokenizing shares from 62 companies.
• Objectors include Microsoft, Alphabet, Goldman Sachs and JPMorgan, and the venue's notice gives no reasons for their objections.

A planned venue for trading tokenized U.S. stocks from New York Stock Exchange (NYSE) owner Intercontinental Exchange (ICE) and crypto exchange OKX has hit a wall, as Nvidia (NVDA) and Nike (NKE) joined a growing list of companies objecting to their shares being offered on it.

The number of companies objecting to OKXICE tokenizing their shares has grown to 50, journalist Eleanor Terrett said on X on Sunday. She said Nike, Costco (COST), Micron (MU), Reddit (RDDT) and Nvidia were among the new additions. 

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The venture had initially proposed tokenizing shares from 62 companies, Terrett said. 

Who's On The List

The venue's notice listed objectors including Microsoft (MSFT), Alphabet (GOOGL), Goldman Sachs (GS), JPMorgan (JPM), Broadcom (AVGO), Verizon (VZ), Intel (INTC) and Walmart (WMT). 

AI-linked companies like CoreWeave (CRWV), Oracle (ORCL) and Arm Holdings (ARM) were also on it, along with CrowdStrike (CRWD), Corning (GLW), IREN (IREN) and Bloom Energy (BE). The objections piled up quickly. The venue's October 19 notice showed 16 objectors.

How Would The Venue Work?

OKXICE is a 50-50 joint venture between ICE and OKX, and plans to run under a temporary exemption the US Securities and Exchange Commission (SEC) issued in September, which lets it trade tokenized U.S. stocks without registering as an exchange, according to its public notice. 

Trading would run 24 hours a day, seven days a week, with each stock paired against a stablecoin, including such as USDC and Tether’s USDT Trades would go through automated liquidity pools on OKX's X Layer blockchain, built on Uniswap (UNI) v4. Only wallets holding a special access token issued by the venue would be able to trade, the notice said.

UNISWAP was one of the top trending tickers on Stocktwits at the time of writing. UNISWAP’s price was up by 3% during the past 24 hours. On Stocktwits, the retail sentiment around UNI moved to ‘bullish’ from ‘neutral,’ while chatter around it stayed at ‘normal’ levels over the past day.

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