OKX and NYSE parent press on with tokenized stocks after 67 issuers object
OKX, a crypto exchange and perps venue, plans to offer more than 70 share-backed assets for around-the-clock trading from November 23. The opening roster centers on Coinbase, Robinhood, Strategy and Direxion ETFs.
OKX and NYSE parent Intercontinental ExchangeICE+0.32% will open 24/7 tokenized-stock trading to eligible U.S. customers on November 23 with more than 70 assets. The tokens from their joint venture, OKXICE, carry shareholder rights. A Strategy perp, a futures contract with no expiry that can use leverage, does not.
Customers will enter through the OKX app and hold the tokens in a CeDeFi Wallet. Access requires identity checks, OKXICE onboarding and compliance with geographic and other eligibility rules.
| Item | Launch figure or term | Trader meaning |
|---|---|---|
| Launch | November 23; Crypto Briefing reports 9 a.m. ET | Around-the-clock trading is scheduled to begin |
| Access | Eligible U.S.-based OKX Inc. customers | Requires identity checks, onboarding and a CeDeFi Wallet |
| Opening inventory | More than 70 assets | Includes seven named companies and 59 Direxion ETFs |
| Holder rights | One token backed one-to-one by an underlying U.S. share | Applicable dividends, votes and corporate-action participation |
| Issuer response | 67 issuers had objected by November 5 | Apple and Amazon were among the objectors |
| Existing Strategy exposure | $110.2 million value of open perp positions across 27 venues | Leveraged price exposure already trades elsewhere |
By November 5, 67 issuers had objected to tokens of their stock, and the opening roster reflects those objections. CoinbaseCOIN-4.20%, RobinhoodHOOD-2.42% and Strategy remain in the lineup, alongside Strategy preferred stocks and 59 Direxion ETFs.
Why it matters
Each token represents an entitlement backed one-to-one by an underlying U.S. share. It carries applicable dividends, voting rights and participation in corporate actions, giving its holder more than price exposure.
Customers will keep the tokens in self-custodial wallets, meaning they control the private keys. OKXICE will hold neither the assets nor those keys.
SecuritizeSECZ−5.82% will provide the token system. Trades will run through UniswapUNI-8.89% v4 pools that quote against deposited assets rather than matching orders, on OKX's X Layer blockchain network.
The value of open Strategy perp positions totaled $110.2 million across 27 venues on November 12. That existing market offers leveraged price exposure, while the new tokens add the rights tied to the underlying shares.
How objections reshaped the roster
Decrypt reported that the objection count rose from 22 in October to 67 by November 5. It said the exemption lets an issuer block a third-party tokenized version of its stock by objecting within 30 days.
OKXICE says it will operate under a temporary exemption from the Securities and Exchange Commission, the U.S. stock regulator. It is neither a registered exchange nor a broker-dealer, a firm that handles securities trades for customers, and the SEC has not approved it.
OKXICE co-chair Andrew Cuomo said, "The SEC has created a real opening for American markets to lead the next era of finance."
Wall street is building parallel systems
The outlet also reported that DTCC's tokenization service went live October 28 with 20 participants, including Bank of AmericaBAC−0.13%, Citi, JPMorgan and Citadel Securities. DTCC provides clearing and settlement infrastructure: clearing establishes what each party owes, while settlement moves the cash and assets.
The same report said the NYSE is testing a separate round-the-clock tokenized-securities platform. It has a fourth-quarter launch target after about a year of testing and agreements with firms that maintain issuer share records.
What's next
Crypto Briefing reported that OKXICE is pursuing registration as a broker-dealer and futures commission merchant, a firm that handles futures trades for customers. The venue's scheduled opening at 9 a.m. Eastern Time on November 23 is the next test, while approvals would shape how far it can expand.