Nvidia and Nike have officially banned trading their shares as tokens on the OKXICE platform. The updated opt-out list was released on October 30. 43 companies out of 62 have already spoken out against it, with a total of 50 refusals.
What stock tokenization is. It is a digital copy of a regular share issued on a blockchain. It can be traded around the clock, not just during exchange hours.
Why this matters to a trader. The issuers' ban narrows the list of securities that will actually appear at the start of round-the-clock trading.
What is the OKXICE platform?
A joint venture. OKXICE was created by the OKX exchange and Intercontinental Exchange, the owner of the NYSE.
The idea is this:
- 24/7 - trading digital copies of US stocks on a blockchain
- Stablecoins - settlements are made in them. These are coins with an exchange rate pegged to the dollar.
- Innovation Exemption - the five-year SEC regime under which the project operates
Why might companies refuse?
The issuer has a veto right. A key point of the SEC regime: if tokenization is arranged by a third-party company not affiliated with the issuer, the issuer itself has the right to block trading in its securities. A refusal must be given within 30 calendar days of receiving the notice.
The list from October 30 added 12 names:
- Technology. Nvidia, Micron, CrowdStrike, Palo Alto Networks, Hewlett Packard Enterprise.
- Consumer sector. Costco, Nike, Reddit.
- Industrials and commodities. Corning, IREN, USA Rare Earth, Bloom Energy.
JPMorgan Chase refused earlier. The bank said it sees potential in the technology. But it wants to carefully decide exactly how its shares are represented and traded.
Who did not object?
There are 19 such companies from the original sample: Apple, Amazon, Tesla, SpaceX, Netflix, Palantir, Strategy, Robinhood, Coinbase, Circle, Boeing, Home Depot, Securitize, BitGo.
The main point: silence is not approval. There is no guarantee that a security will be available at the start.
What's next?
The deadline for the first batch. Companies notified on October 4 must respond by November 3. But each one's countdown is its own.
The public list lags behind. Platforms are given 5 business days to disclose refusals, so there are already more actual responses.
Andrew Cuomo, co-chairman of OKXICE, a member of the OKX board of directors and former governor of New York, calls the caution expected. According to him, "we are at the very beginning of launching a fundamentally different market structure."
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Round-the-clock stocks in the same terminal as crypto is an idea many have already mentally built plans around. But even when access appears, the question remains the same: what size you enter with. A three-percent move in a heavy stock on a deposit of a couple thousand is coffee money, not a result. Prop trading works differently: you pay for selection, pass it and work with the company's account for a share of the profit. It's worth understanding the chain before the market opens on the weekend.